Surge in Vietnamese Cashew Kernel Demand by 7% YoY Growth in EU During Nov-23

Vietnamese cashew kernel demand in the European Union (EU) surged 7% year-on-year (YoY) in Nov-23, mainly due to promotions and anticipation for the upcoming celebration season. This growth is forecasted to reach double digits. Additionally, China and the Middle East show considerable interest. Furthermore, there are signs of recovery in the United States (US), with import figures catching up after a sluggish first half of 2023. Meanwhile, cashew prices remain favorable, prompting heightened demand from global retailers aiming to secure supplies well into 2024 and possibly early 2025. However, uncertainties surrounding in-shell floor pricing and various challenges for processors, including production costs and high interest rates, suggest that kernel prices may not soften soon.