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Vietnam cashew situation January -September 2013

  • Vietnam cashew situation January -September 2013

    by Market Insider

    Thursday, 17 Oct. 2013

    In the first week of October, both the General Statistical Office and Vincas estimated raw cashew imports during the first nine month of this year at 503,000 tons worth US$ 470 million, corresponding to 83% of the planned annual import volume of 600,000 tons. Imports are about 50% higher than the same period last year, accounting for about 70% of the total supply needs for local processing. The increase in imports is due to the rapid increase of the domestic processing industry demand, as well as to cutting down of trees in the main cultivating provinces and their replacement with higher economic value crops (mainly coffee and pepper). Eastern and Western Africa remained the major Raw Cashew Nut suppliers, followed by Cambodia and Indonesia.

    192,000 tons of cashew kernels worth US$ 1.22 billion were exported from January to September 2013, compared to 160,000 tons valued at US$ 1.02 billion during the same period last year. Nearly two thirds of exports in quantity were destined to United States of America (34.5%), China (16.6%) and the European Union (EU) (10.4%). India is importing increasing quantities of cashew kernels from Vietnam. According to Ministry of Agriculture and Rural Development reports, cashew export earnings should earn a minimum of 1.5 billion US$ per year in the next three years.

    Cashew export prices this year are lower than in 2012, but the global import demand is larger. The average eight-month export price was US$ 6,355 per ton of kernels in 2013, which is US$ 454 per ton below their average level during the same period last year. From October to the pre-harvest period in March 2014, prices are expected to be a little higher than those in the second and third quarters of 2013; it may therefore be envisaged that cashew export income in 2013 reaches a peak of US$ 1.8 billion, 20% higher than the target.

    Sources: http://www.vietnamconsult.com/economy/54993-crude-cashew-imports-up-sharply
    http://www.asiacommodities.com.vn/index.php?mod=detailnews&id=3439; http://www.freshplaza.com/article/113736/Vietnam-Cashew-exporters-expect-busy-coming-months


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