In November 2022, the average export price of Vietnam's cashew nuts was only $5,676/ton, down 7.2% compared to October 2022 and down 12.7% compared to November 2021. In the first 11 months of 2022, Vietnam's average export price of cashew nuts reached US$5,959/ton, down 5.2% over the same period in 2021.
According to statistics from the General Department of Customs, in November 2022, Vietnam's cashew exports reached 47.86 thousand tons, worth USD 271.67 million, up 8.0% in volume and 2.3 percent in volume. % in value compared to October 2022, compared to November 2021, down 5.4% in volume and 17.5% in value. In the first 11 months of 2022, Vietnam's cashew exports reached 472.33 thousand tons, worth 2.81 billion USD, down 11.1% in volume and 15.8% in value over the same period last year. 2021.
Price movements: In November 2022, the average export price of Vietnam's cashew nuts reached $5,676/ton, down 7.2% compared to October 2022 and 12.7% lower than November 2021. In the first 11 months of 2022, Vietnam's average export price of cashew nuts reached US$5,959/ton, down 5.2% over the same period in 2021.
About the market: In November 2022 compared to November 2021, cashew nut exports to most of the main markets decreased, except China, the United Arab Emirates. In the first 11 months of 2022 compared to the same period in 2021, cashew nut exports to most key markets decreased, except for the United Arab Emirates and Israel.
Source: Calculation from the data of the General Department of Customs
In terms of categories: In November 2022, the export of cashew nuts W320, WS/WB, LP, W450, W210 decreased compared to the same period in 2021. In contrast, the export of cashew nuts W180, DW, SP grew likely. mandarin. In the first 11 months of 2021, cashew exports W320, W240, W450, DW decreased compared to the same period in 2021. In contrast, cashew exports W180, WS/WB, SP, W210 increased over the same period in 2021.
The average export price of cashew nuts continued to decline, at a record low of USD 5,676/ton.
It is worth noting that Vietnam's cashew nut exports to the US are also on a downward trend, shaking the No. 1 position of Vietnam's cashew nut in the US.
According to statistics from the US International Trade Commission, in the first 10 months of 2022, the US imported 127,000 tons of cashew nuts, worth US$806.92 million, down 17% in volume and 17 per cent respectively. 8% in value over the same period in 2021.
Price movement in 10 months of 2022, the average import price of cashew nut of the US reached 6,354 USD/ton, down 0.9% compared to the same period in 2021. In which, the average import price of cashew nut of the US from most of the major supplies decreased, with the exception of Nigeria.
Supply structure for the first 10 months of 2022, the US reduced cashew nut imports from Vietnam, Brazil and India, but increased imports from Ivory Coast and Nigeria. Vietnam is still the largest source of cashew nuts for the United States, the volume reached 113.11 thousand tons, worth 715.14 million USD in the 10 months of 2022, but decreased by 17.2% in volume and 18% in value over the same period in 2021. Vietnam's cashew nut market share in total US imports decreased slightly from 89.22% in 10 months of 2021 to 89.06% in 10 months of 2022.
In contrast, the United States sharply increased its imports of cashews from Ivory Coast in the 10 months of 2022, an increase of 46.6% in volume and 40% in value over the same period in 2021. Cashew market share of the Coast. Ivory in total US imports increased from 2.54% in 10 months of 2021 to 4.48% in 10 months of 2022.
Through the above analysis, it can be seen that the United States tends to shift the supply of cashew nuts to Ivory Coast and Nigeria. However, in the short term, these supplies cannot replace the supply of cashew nuts from Vietnam.
Previously, the cashew industry had proposed to lower the export target for the whole year to 3.2 billion USD instead of 3.8 billion USD as initially set due to the difficult market.
It is known that in the world cashew nut market, information from the International Trade Center said that in December 2022, the world export price of raw cashew nuts remained stable compared to November 2022. In Benanh, Ivory Coast, Gana, Nigeria, and Tazania, the export price of raw cashew nuts was stable at $1,025/ton.
According to Eurostat, in the first nine months of 2022, the European Union imported 155.31 thousand tons of cashew nuts from the world market, worth 1,027 billion euros, down 3.4% in volume, but up 7.4% in value compared to the same period in 2021. In which, the EU imported cashew nut from the foreign market reached approximately 115.68 thousand tons, worth 753 million EUR, down 1.1% in volume, but up 13% in value over the same period in 2021; from the EU market reached 39.63 thousand tons, worth EUR 273.98 million, down 9.7% in volume and 5.5% in value.
According to the International Trade Center, 10 months of 2022, Canada imported 12.77 thousand tons of cashew nuts from the world, worth 88.3 million USD, up 0.6% in volume, but down 16.3% in value over the same period in 2021.
According to the Vietnamese Trade Counselor in Canada, the market tends to increase imports with processed cashew products (HS 200819), with the growth rate in the period 2018-2021 up to 51% and nearly 15% in 9 years. the first month of 2022. The decrease in imports of raw cashew nuts and the increase in imports of processed cashews shows that the inflation factor does not have much impact on the consumption demand of the local people.
With good quality, Canadian businesses still give priority to buying raw and processed cashews from Vietnam despite the higher price. Therefore, even though the Canadian market is not stable in terms of demand (volatile many years), it is forecasted that Vietnam's cashew exports to Canada will be stable around 115-120 million USD/year for both cashew nut and cashew nut. raw materials and processing.
According to statistics from the International Trade Center, in the 10 months of 2022, Canada imported cashew nuts (HS 080132) from Vietnam reached 11.15 thousand tons, worth USD 77.28 million. Canadian consumers care a lot about organic products and certificates that confirm the business's green, sustainable, and fair (gender equality) production processes.
In addition, Canadian consumers are also very interested in how to pack and preserve (vacuum, recyclable packaging). The Canadian market has increasingly high requirements for food quality and safety (including the percentage of impurities, pest marks on the grain surface, product uniformity in taste and color). The issue of preservative residues is also something to keep in mind to avoid returned goods without customs clearance.
Previously, the cashew industry had proposed to lower the export target for the whole year to 3.2 billion USD instead of 3.8 billion USD as initially set due to the difficult market. Vinacas had to ask the relevant authorities to update and guide the implementation of new regulations on food safety control of foreign markets, especially China, EU and US markets.
Vinacas also recommends functional agencies to support research and development of specialized standards and technical regulations for cashew nuts and by-products of cashew trees to have a basis for quality assessment; assessment and planning for long-term stability of cashew growing areas. In difficult conditions to increase the cashew area in the country, it is necessary to have a solution to cooperate in exploiting and developing cashew material areas in Cambodia and Southern Laos to ensure the supply of raw materials for processing and export...
Nguyen Phuong
Source: Dan Viet / E-Time
