Cashew Market Overview - 1st to 07th May 2021
May 07, 2021 | 0 Comments
Vietnam imported 480,000 MTs of RCN in April 2021 worth US$ 772 Million. From January to April 2021 Vietnam imported approximately close to 1.2 million MTs of RCN worth US$1.9 Billion, higher 300% in quantity and 323.5% in value, over same period 2020. This volume is close to total volume imported in 2020, which was 1.45 million MTs, though the total value is higher as prices have increased. The Vietnam Cashew Association expects the amount of imported cashew nuts in 2021 to reach 1.8 million tons. Vietnam sourced their RCN largely from Cambodia, importing around 425,000 MTs in the first quarter of 2021, higher 370% than same period in 2020. The price of raw cashew imported from Cambodia to Vietnam in the first quarter of 2021 increased sharply by 26.2% over the same period last year. Other main markets for the Vietnam RCN imports in this period are Tanzania, IVC, Ghana and Nigeria.
Due to increasing lockdowns and falling consumption due to the spread of COVID in India since March 2021, the prices are softer for kernels as well as raw nuts in the domestic market. While the RCN prices from Africa are stronger owing to huge demand from Vietnam. This makes situation tougher for cashew factories in India with increasing African RCN prices and softer kernel prices in the domestic market.
Vietnam “A” ranking BRC packers traded W320 at USD 3.21/lb FOB and “B” ranking HACCP packer traded W320 at USD 3.11/lb FOB and WS at USD 2.04/lb for May & June shipment.