Cashew Market Overview
February 10, 2021 | 0 Comments
As per Vinacas, in 2020, the average export price of cashew nuts is estimated at US $ 6,245 / ton, lower by 13.5% compared to the average cashew export price in 2019. Cashew exports are forecast to slow down in the first quarter 2021. Despite a slight decrease in value, this is the first year that Vietnam exported over 500,000 MT, exceeding the record of 455,000 MT in 2019.
The US continues to be the largest market for Vietnamese cashew nuts, both in volume and value. In 2020, Vietnam exported to the US 160,000MT worth $ 993 million, accounting for 31% of the volume and 31% of the total value of cashew exports.
China is Vietnam's second largest market. In 2020, Vietnam exported more than 79,000 MT, worth $ 511 million, accounting for more than 15% in volume and 16% of the total value. The Netherlands ranked 3rd with 65,000 MT worth USD389.
Last week Vietnam “A” ranking packers traded W320 at US$2.96/lb fob, W240 at US$3.40-45/lb & WS at US$1.65/lb FOB for March to June shipments. Quantities were relatively small as buyers prefer to wait for new crop arrivals and prices. There is still demand for prompt shipments but due to higher freight rates and unavailability of containers buyers are trying to cover in the Spot market.
Logistics is a big challenge at present and never have we have experienced this situation where buyers are not sure of the demand forecast for 3rd and 4th Quarter. Many are losing on the trades due to freight rates fluctuations.
Nigeria RCN traded at US$1150/MT Outturn 49-50lbs for March shipment. Benin prices will be out by today.
Most of the factories in Vietnam will be closed for the TET new year from today and will reopen by 17th February. We and our local Vietnam staff will be still working on offers /bids. Please feel free to contact us. Wish you all a very Happy and healthy TET holidays.