W6 Cashew Update: Bình Phước Province's Cashew Exports Surge in Jan-24, Sri Lanka Approves Import of 15 Thousand Tons of Cashew Nuts for 2024 and Ghana's Cashew Prices Drop Despite High-Quality Production

Published 2024년 2월 16일

In W6 in the cashew landscape, Bình Phước province in Vietnam saw a significant increase in cashew nut exports in Jan-24, reaching over USD 409 million, a 2.45% MoM increase, and 77.6% YoY growth. Sri Lanka approved the importation of 15 thousand tons of cashew nuts for 2024 due to a shortage caused by delayed harvests. Despite producing high-quality cashews, prices in Ghana dropped due to poor yields, with local prices falling from USD 0.68/kg to between USD 0.60/kg and USD 0.56/kg.

Bình Phước Province's Cashew Industry Shows Strong Growth in Jan-24 Exports

In Vietnam, Bình Phước province's export turnover in Jan-24 reached over USD 409 million, a 2.45% month-on-month (MoM) increase and 77.6% growth, with cashew nuts increasing over 150%. This indicates a positive signal for Bình Phước to achieve its cashew kernel export target, an increase of 9% year-on-year (YoY). Bình Phước province's cashew industry is expected to reach USD 1.18 billion in 2023, accounting for over 28% of the province's total export turnover. The province's main export product is cashew nuts, exported to 59 countries. The Standing Committee of the Provincial Party Committee issued Resolution No. 11/2020 to develop the industry from 2020 to 2025.

Sri Lanka Approves Importation of 15 Thousand Tons of Cashew Nuts for 2024

The Cabinet of Ministers has approved the importation of 15 thousand tons of cashew nuts in shells in Sri Lanka for 2024, as the country's annual requirement is around 25 thousand metric tons (mt). However, only 12.5 thousand mt can be procured locally, and the cashew industry is facing a difficult situation due to delayed harvests. The Cabinet has approved the Minister of Agriculture and Plantation's proposal to import a maximum of 15 thousand tons for 2024. Additionally, approval has been given for importing a quantity determined by a committee of senior officials from December to April when local cashew harvest is unavailable for the next four years.

Ghana's Cashew Price Drop Due to Poor Yields, Despite High-Quality Product

The Tree Crops Development Authority (TCDA) has linked Ghana’s significant drop in cashew prices to low yields. Ghana's international cashew price decreased from USD 1,050 to USD 830 per ton. Despite Ghana's high-quality cashew product in 2023, which commanded a good price in global markets, local prices have fallen from USD 0.68 per kilogram (GHS 8.5/kg) to between USD 0.60/kg (GHS 7.5/kg) and USD 0.56/kg (GHC 7/kg).