Vietnam Cashew Association lowers the export target for the local Cashew industry in 2022
- Info Desk
- May 27, 2022
- 1 min read
In the first 5 months of 2022, cashew nut exports from Vietnam reached 216.112K tons of kernels of all kinds, worth 1.19 billion USD; which is down 7.81% in volume and down 6.81% in value over the same period in 2021. Markets like China saw the biggest drop in imports from Vietnam.
As for imports, in the first 5 months of 2022, the cashew industry imported about 968K tons of RCN from abroad down 35.24% in volume. One of the main factors leading to the low imports is that the prices of Raw Cashew Nut and Cashew Kernel are not in parity since the last few months. West African RCN prices are much higher and Vietnamese importers are staying away.
The RCN inventory is depleting in major processing hubs and sooner or later the buyers would have to step in. There is chatter in the market that demand for Kernels should improve in Q3 and with it the processors have to buy the RCN. This is one of the reasons the W. Africa shippers are not reducing the prices as they have a bullish outlook for the second half of the year.
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