Vietnam: Cashew nut exports, prices increase on tight supplies
NOVEMBER 28, 2016 For the 10-month period January-October, cashew processors shipped roughly 290,936 metric tons of the precious nuts to foreign markets, generating US$2.34 billion in total revenue.
Exports to the US, China and the Netherlands – the three largest consumers of Vietnam cashew nuts – were US$795.4 million, US$332.7 million and US$315.8 million representing market shares of 34%, 24% and 23% respectively.
The cashew market is currently experiencing its highest prices in nearly five years, said the Department, due to low supplies caused by a combination of severe droughts and heavy rains earlier this year.
Vietnam accounts for 42% of the globe’s processed cashew nut exports. However, many of the cashew nuts are imported from West Africa, which is still experiencing severe droughts that could also affect next year’s crop.
For the ten month period, cashew nut processors imported 913,000 metric tons of raw cashew nuts, primarily from West Africa, valued at US$1.4 billion, up 17% in volume and 39% in value, the Department reported.