Vietnam Witnessed a Sharp Increase in Cashew Exports During March

According to data from the General Department of Customs, which was cited by the Import-Export Department (Ministry of Industry and Trade), Vietnam's cashew nut exports are expected to reach 55 thousand tons in March 2024, valued at 289 million USD—a rise of 106 million USD. 8% in quantity and a value rise of 103.4% in comparison to February 2024; a 10.7% increase in volume and a 2.2% value reduction in comparison to March 2023. Vietnam's cashew exports in the very first quarter of 2024 totaled over 147 thousand tons, valued at 782 million USD—a 31.8% increase in volume and a 20.5% increase in value over the same time in 2023.Estimates from Customs magazine state that, in March 2024, the average exporting cost for Vietnam's cashew nuts was 5,248 USD/ton, which represents a 1.7% decrease from February 2024 and an 11.6% decrease from March 2023.

Vietnam's median cashews export price is predicted to be 5,329 USD/ton in the first three months of 2024, an 8.6% decrease from the comparable period in 2023. Nguoi Lao Dong, a spokesperson for the Vietnam Cashew Association (Vinacas), claimed that the sharp rise in raw cashew production in Africa and Cambodia was the reason behind the decline in cashew nut prices. The area cultivated with cashew nuts in Vietnam is decreasing because of its low economic effectiveness in comparison to other crops.

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Strategic Purchasing for Cashew Businesses Amidst Falling Export Prices

When cashew export prices are declining, experts advise enterprises to ensure manufacturing and company efficiency rather than buying huge quantities of raw cashews at the start of the season when cashew output is low. Cashew nuts this year should be rather plentiful. Rather, companies should maintain their composure, hold off on buying raw cashew nuts until the price is fair, and only acquire raw cashew nuts if they have an agreement to ship out cashew kernels to other countries in order to keep prices in check. According to Mr. Vu Thai Son, Chairman of the Board of Directors of Long Son Joint Stock Company, Vietnam's cashew processing plants now have too much capacity overall.

To relieve the burden on raw cashew nuts from each facility and the cashew industry as a whole, enterprises must boldly reduce processing capacity. The selling price of raw cashew nuts will decline to a more acceptable level when the demand to import them declines. Additionally, businesses won't be under as much financial strain, which will relieve them of the need to sell cashew kernels in large quantities as they did last year. This could be a factor in the price increase of cashew kernels.

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