In W37 in the cashew landscape, the European Investment Bank (EIB) signed an agreement to provide a USD 27.71 million (EUR 26 million) boost to sustainable agriculture in Ivory Coast and Senegal, including cocoa and cashew production. The funds aim to support core farming operations in the region, which has faced challenges due to the lingering impacts of the COVID-19 pandemic, rising living costs, and supply chain disruptions caused by the Ukraine conflict. The funding will be split, with USD 17.05 million (EUR 16 million) allocated to Ivory Coast and USD 10.66 million (EUR 10 million) to Senegal, targeting climate action, environmental sustainability, and financial inclusion. It's part of the 2023/27 agreement between the European Commission and the EIB to finance the private sector in Africa, the Caribbean, and the Pacific. The initiative includes efforts to empower women in entrepreneurship and aligns with gender equality goals.
Vietnam's cashew exports reached a new record high in August, with 60.58 thousand metric tons (mt) valued at USD 333.83 million, a 10.8% increase in volume and a 9.7% increase in value compared to the previous month. For the first eight months of 2023, Vietnam shipped nearly 395.60 thousand mt of cashews worth USD 2.28 billion, marking a 15.5% increase in volume and an 11.3% increase in value compared to the same period in 2022. The average export price for Vietnamese cashews in August was USD 5,510/mt, while the eight-month average stood at USD 5,760/mt. Despite facing challenges related to imported raw materials, the cashew industry aims to achieve over USD 3.1 billion in export revenue in 2023 by improving yield and quality.
Cambodia exported 607 thousand mt of raw cashew nuts to Vietnam in the first eight months of 2023, earning USD 820 million, a 15.8% decrease from the same period in 2022. During this period, Cambodia produced 634 thousand mt of raw cashew nuts, with approximately 95% exported to Vietnam. The average price of raw cashew nuts was USD 1,658/mt, increasing to USD 1,900/mt in August.
Lastly, the African cashew market reached a value of USD 790.1 million in 2022. Fueled by favorable climatic conditions for cashew cultivation and increasing global demand for cashews and their by-products, the market is forecasted to grow at a compound annual growth rate (CAGR) of 4.20% from 2023 to 2028, reaching a projected value of USD 1.00913 million by 2028.