Cashew export price in September increased the most since the beginning of the year

Vietnam Cashew Association cited data from the General Department of Customs saying that in September 2024, the country exported nearly 60,000 tons of cashew nuts of all kinds, with export turnover reaching 393.4 million USD, up 10.1% in volume and a sharp increase of 34.84% in value over the same period in 2023. However, this export volume was lower than that of August 2024 at 70.87 thousand tons and July 2024 at 74.12 thousand tons.

The average cashew export price in September 2024 reached 6,560 USD/ton, up 22.5% over the same period last year.

This is the highest price in 2024, higher than the prices of previous months such as August 2024 at 6,424.7 USD/ton and July 2024 at 6,279.59 USD/ton.

In the first 9 months of 2024, the whole country exported 581,130 tons of cashew nuts of all kinds with an export turnover of 3.38 billion USD, an increase of nearly 28% in volume and 32.6% in value compared to the first 9 months of 2023. The average export price in the first 9 months of 2024 reached 5,775.5 USD/ton, an increase of 2.8% over the same period last year.

On the contrary, in September 2024, the country imported 188.8 thousand tons of raw cashew nuts, worth 260 million USD, down 23.18% in volume and up 7.42% in value, the average import price reached 1,377 USD/ton, up 39.8% over the same period last year.

From January to September 2024, the country imported 2.14 million tons of raw cashew nuts, worth 2.6 billion USD, down 11.7% in volume and 7.3% in value compared to the first 9 months of 2023. The average import price reached 1,212 USD/ton, up 3.13% over the same period last year.

In the first 9 months of 2024, the main import markets were still: Cambodia (773.6 thousand tons, up 26.16% over the same period), Ivory Coast (494.8 thousand tons, down 33.8% over the same period) and some other countries.

Specifically, in September 2024, Vietnam imported 90 thousand tons of cashew nuts from Ivory Coast, a slight increase compared to August 2024 when it was 68.8 thousand tons. The import turnover was 120 million USD, a significant increase compared to August when it was 88.2 million USD. Compared to the same period in September 2023, the import volume decreased by 29.9%, and the turnover decreased by 3.59%.

However, in September 2024, Ivory Coast maintained its number 1 position among raw cashew nut export markets, similar to the previous month.

Regarding total import volume, in the first 9 months of 2024, Vietnam imported a total of 494.8 thousand tons of raw cashew nuts worth 576.4 million USD from Ivory Coast, down 33.8% in volume and 28.74% in value compared to the same period in 2023.

Although the import volume in September 2024 was lower than in July and June 2024, the increase in import value in September 2024 compared to August shows an increase in selling price volatility in this market.

According to some international experts, the increase in cashew prices in 2024 may be due to supply chain disruptions: Vietnam, the world's largest cashew processor, is facing a decrease in raw cashew imports of more than 10% compared to the same period last year. This has led to a shortage of supply. Poor harvests in West Africa, the main source of raw cashews, have also exacerbated the shortage. High raw cashew prices and a lack of raw materials have pushed up cashew prices.

Additionally, demand is high in emerging markets: Countries like China and other parts of Asia are seeing strong demand due to an expanding middle class and increasingly health-conscious consumers. Increased competition for available supply has pushed up prices.

Global economic and environmental factors: Fluctuating exchange rates and adverse weather conditions due to climate change have made production costs more expensive and less predictable. Harvest yields are affected, increasing processing costs, which in turn leads to higher retail prices for consumers.

Geopolitical tensions: Some regions, such as the Middle East, are seeing demand decline due to political instability. However, global demand remains strong overall, especially in Western markets where health-conscious consumers are driving consumption.

Despite the challenges, the long-term outlook for cashew prices suggests volatility will continue, with prices likely to remain high due to supply constraints and strong global demand, particularly during the year-end festive period.

Source: https://congthuong.vn/gia-hat-dieu-xuat-khau-thang-9-tang-cao-nhat-ke-tu-dau-nam-354289.html