In W40 in the cashew landscape, Vietnam's cashew exports to the United States (US) have seen significant growth since August, and the country's cashew industry is optimistic about prospects. However, the export prices for Vietnamese cashews have been lower than in previous years, with prices estimated at USD 5.47 thousand per ton in Sep-23, down 10.5% compared to the same period in 2022. On average, for the first nine months of 2023, Vietnam's cashew export price was USD 5,722/ton, a 4.5% Year-on-Year (YoY) decrease.
The Vietnamese cashew industry has established a presence in the US market, and the demand from this market has remained stable. With the recent upgrade in Vietnam-US relations, cashew businesses could access modern US technologies and production lines to focus on processing and exporting value-added products instead of just cashew nuts. Although there has been a decline in the volume and value of cashew imports into the US, the market shows positive signs of increasing consumer demand. The US imported cashew nuts primarily from Vietnam, Ivory Coast, Brazil, Nigeria, and India, with Vietnam's market share decreasing slightly from 89.97% to 87.76% in the first seven months of 2023 compared to the same period in 2022.
Goa's renowned cashew nuts from India, known for their unique taste, have received geographical indication (GI) registration. This GI registration covers Goa's cashew kernels produced from raw cashew nuts and sold in shops, particularly in the international market. The GI tag is valid until October 25, 2030. The GI tag helps protect the legacy and heritage of Goan cashews and is seen as a significant milestone for the local cashew industry.
An international conference on the cashew nut crop is set to take place in Tanzania from October 11 to 13, 2023. The event is forecasted to gather over 500 stakeholders from over 33 countries involved in cashew nut production and consumption. Organized by the Cashewnut Board of Tanzania (CBT) in collaboration with various partners, including the Tanzania Investment Centre and Tanzania Agricultural Research Institute, the conference aims to promote investment opportunities in the cashew nut value chain. Discussions will cover production, technology, digital applications, access to finance, and market trends. As it can potentially boost the country's industry, the conference is significant for Tanzania, the world's fourth-largest cashew nut producer.
Lastly, the Mozambican Government has established a reference price of USD 0.55 per kilogram (MZN 35/kg) for cashew nuts for the 2023-24 marketing year (MY). This decision was made during a meeting with various stakeholders, including producers, industry associations, and the Almond Institute of Mozambique. The set price represents a slight decrease from the previous campaign's rate of USD 0.58/kg (MZN 37/kg). The decision aims to maintain balance in the cashew nut production chain and avoid harm to any segments. While producers would have preferred a higher price, they ultimately accepted the rate, recognizing it as an acceptable compromise. The cashew production sector is significant for Mozambique's economy, providing income to over 1.4 million small-scale producers and supporting related services like spraying. Cashew nuts are primarily exported to India and Vietnam, and these markets influence prices.