W17 Cashew Update: Surged Exports in Cambodia and Vietnam

Published 2024년 4월 30일

In W17 in the cashew landscape, Cambodia's cashew production in Q1-2024 reached 474 thousand mt, with an export volume of 424 thousand mt, which increased by 13% YoY. The cashew prices recovered from mid-March, reaching a 15-year high, with the dried raw cashews selling at USD 1,200/mt. In addition, Vietnam's cashew exports in Mar-24 showed a significant increase in volume and value compared to the previous month, but with a decrease in the average export price. The cumulative exports in Q1-2024 saw a significant YoY increase in volume and value, with the US, China, and the Netherlands being the main export markets.

Cambodia’s Cashew Exports in Q1-2024 Increased by 13% YoY

According to the Cashew Nut Association of Cambodia (CAC), Cambodia's cashew production in Q1-2024 reached 474 thousand metric tons (mt). The export volume in the same period was 424 thousand mt, increased by 13% year-over-year (YoY), with an export value of USD 543 million. In Feb-24, Cambodia experienced a significant drop in cashew prices, leading the farmers to delay selling raw cashews. As a response, Cambodia's cashew export to Vietnam decreased by 32% YoY in Feb-24. However, cashew prices began to recover from mid-March, reaching a 15-year high, with the dried raw cashews selling at USD 1,200/mt. In addition, the CAC warns of a potential price surge due to the anticipated impact of the El Niño phenomenon, which could slash the 2024 cashew production by 10 to 30% compared to the previous year.

Vietnam Cashew Exports Surged in Mar-24

In Mar-24, Vietnam exported 55 thousand mt cashews, reaching an export value of USD 289 million, a significant month-over-month (MoM) increase of 106.8% in volume and 103.4% in value compared to Feb-24. However, the average export price in Mar-24 was USD 2548/mt, decreasing by 1.7% MoM and 11.6% YoY.

Additionally, Vietnam’s accumulative cashew exports in Q1-2024 experienced significant growth, amounting to 147 thousand mt, valued at USD 782 million. This represents a YoY increase of 31.8% in volume and 20.5% in value. However, Q1’s average export price dropped by 8.6% YoY to USD 5329/mt. Notably, the exports of W320 and W240 accounted for 56.71% of total cashew exports in the first two months of 2024, showing strong demand for these varieties. Furthermore, the main export markets of Vietnamese cashew nuts in Q1-2024 were the United States (US), China, and the Netherlands. In particular, the exports to the Chinese market in Jan-24 surged by 600% YoY.