Cambodia cashew production drops, prices rise to 15-year high

Published May 10, 2024

Tridge summary

El Nino has contributed to a surge in cashew prices, impacting export markets in Asia and Africa. Despite a decrease in Cambodia's raw cashew production by 13% in the first quarter of 2024, its cashew exports to Vietnam saw a 13% increase in value. The nation's cashew export value for 2023 reached over US$837 million, marking a nearly 10% drop from the previous year. The price hike is welcomed by processors and farmers, though the speed and direction of further increases are uncertain as the main harvest season draws to a close, potentially leaving some farmers unbenefited from the price rise. Cambodia remains a significant supplier of cashew nuts to China.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

El Nino is the main driver of cashew price fluctuations, pushing up export prices in some cashew producing countries in Asia and Africa. Silot Uon, chairman of the association, said Cambodia's raw cashew production from January to March 2024 was 474,000 tons, down 13% from the same period last year. In the first quarter of this year, Cambodia's cashew exports to Vietnam totaled 424,000 tons, with an export value of US$543 million, an increase of 13% year-on-year. Silot Uon once pointed out that the increase in export value was mainly driven by the increase in demand in the international market, and some cashew producing countries were affected by adverse weather conditions. He also believes that the impact of El Nino on some producing countries in Asia and Africa may continue to push up cashew prices. Cambodia's cashew exports to overseas markets in 2023 exceeded US$837 million, down nearly 10% from the previous year. Andreas, founder and owner of Kamya AgriTrade Groetschel said, ...

Source: Foodmate