W10 Cashew Update: Production in Cambodia Surged to 650 Thousand MT, Exports in Senegal Exceed 160 Thousand MT, Prices in Egypt Increased by 40% YoY Due to Currency Fluctuations.

Published 2024년 3월 14일

In W10 in the cashew landscape, Cambodia has become the world's third-largest producer of cashew nuts, with a production exceeding 650 thousand mt in 2023. The CCA aims to establish new factories to increase local processing. The CCA also forecasted decreased exports in 2024 due to the impact of the El Niño phenomenon. In addition, Senegal's cashew nut exports peaked at 160 thousand mt in 2023, with an export value of USD 103.67 million. Furthermore, cashew prices in Egypt increased by 40% YoY due to currency fluctuation. Lastly, Ghana's cashew export earnings could increase from USD 350 to over USD 660 million with the promotion of production, value addition, and exports, according to the CWG.

Cambodia's Cashew Nut Production Exceeds 650 Thousand MT in 2023

According to the Food and Agriculture Organization of the United Nations (FAO), Cambodia's cashew nut production exceeded 650 thousand metric tons (mt) in 2023, positioning the country as the world's third-largest producer. Despite this, most of their cashew nuts are processed in Vietnam, India, and Brazil. In particular, the country shipped 618 thousand mt to Vietnam in 2023. To address this, the Cambodian Cashew Association (CCA) aims to encourage more investors to invest in the local processing industry and intends to establish 30 new factories to increase raw material absorption. The association forecasts a decreased export in 2024 due to the impact of the El Niño phenomenon.

Senegal's Cashew Nut Exports Peaked at 160 Thousand MT in 2023

According to the Ziguinchor Chamber of Commerce, Senegal's cashew nut exports reached a new high of 160 thousand mt in 2023, with an export value of USD 103.67 million. Over the past six years, Senegal's cashew nut exports have doubled, with 87.12 thousand mt exported in 2022 compared to 31.87 thousand mt in 2018.

Cashew Prices in Egypt Surged by 40% YoY Due to Currency Fluctuations.

The prices of the White Whole variety of Vietnamese and Turkish Cashews in the Egyptian market increased significantly by 40% year-on-year (YoY) in Feb-24 due to currency fluctuations.

Ghana’s Cashew Nut Exports Has Potential to Exceed 660 Million

Civil society organization Cashew Watch Ghana (CWG) has reported that Ghana's estimated cashew export earnings are USD 350 million. However, it could reach over USD 660 million if both the government and private sector take advantage of the economic tree's current global prospects by promoting production, value addition, and exports. According to CWG, the cashew market is currently at USD 7 billion globally and is projected to reach USD 10.5 billion by 2031.