W25: Cashew Update

In W25 in the cashew landscape, it was reported that in the wholesale market of Indore Kirana Bazar, India, the price of cashew nuts varied depending on the variety and size. Cashew W240 was priced at USD 9.03-9.51/kg (INR 740-780/kg), while Cashew W320 was priced at USD 8.05-8.29/kg (INR 660-680/kg). Cashew W One stood at USD 7.81-7.93/kg (INR 640-650/kg), and Cashew SW ranged from USD 0.16-0.17 (INR 600-620/kg). In April 2023, Vietnam witnessed a positive trend in its cashew exports, with over 51 thousand tons worth USD 305.5 million tons exported. Overall, in the first four months of the year, Vietnam exported more than 162 thousand cashew nuts, amounting to USD 952.5 million, an increase of 6.1% in volume and a 4.5% increase in value compared to the same period in 2022. Despite the challenging export environment, the cashew industry in Vietnam has shown promising signs, particularly in markets such as China, the United States, and the Netherlands. Cashew nut exports to the United States have demonstrated consistent monthly growth.

On the other hand, three companies in Bangladesh have signed land lease agreements with the Bangladesh Economic Zones Authority (Beza) to invest USD 27.81 million in a cashew nut and agricultural products processing plant, a refueling station, and tourism sectors. These investments align with Beza's goal of creating an investment-friendly environment and developing economic zones to boost employment and exports in Bangladesh. Lastly, according to the National Bureau of Statistics (NBS), Nigeria's agricultural exports saw significant growth in Q1 2023, with a 38.72% increase compared to the previous year. The total value of agricultural exports reached USD 365.75 million (NGN 279.64 billion). The main agricultural products exported were superior-quality cocoa beans, cashew nuts, and sesame seeds. However, Nigeria experienced a trade deficit of agricultural goods, importing USD 616.55 million (NGN 471.39 billion) during the same period. The Central Bank of Nigeria has implemented various initiatives to enhance earnings from agricultural exports, focusing on commodities like cashew, cocoa, palm oil, shea, and sesame seeds.