In the cashew nut harvest season in areas such as Binh Phuoc, Tay Ninh, Dong Nai, or Dak Lak, the purchasing price at the beginning of the season is quite high compared to the same period last year.
(Harvesting Cashew from Binh Phuoc province)
According to our records, the price of raw cashew nuts purchased on Feb 21st in Dong Nai was VND 28,000/kg, in Binh Phuoc arranged from VND 26,500 – 28,000/kg, in Tay Ninh VND 29,000 – 30,000/kg, and in Binh Thuan VND 27,000/kg.
Compared to the same period last year, the price of raw cashew nuts is higher than 1,000 – 2,000 VND/kg. Especially last year, the price of raw cashew nuts sometimes dropped to VND 17,000/kg due to the pandemic.
Mr. Nguyen Duc Thanh – Former Chairman of Vietnam Cashew Association (Vinacas), said: In the last days of 2021, I had a team of experts to survey and evaluate the 2022 cashew nut crop in Vietnam and Cambodia. All is well but the crop will be late since the dry season this year comes late. Unexpectedly, after Tet, unseasonal rains and winds arrived at cashew nut orchards in many places in Binh Phuoc and Cambodia. Many cashew nut orchards in Cambodia were deep in the water, undoubtedly causing large losses in both output and quality estimated at 30 – 40%. Meanwhile, cashew nut season in the West African countries is occurring normally.
In terms of processing, before Tet, most small and medium factories in Vietnam were closed due to the lack of raw materials. After Tet, about 50% of enterprises operate again but the supply is little and the prices are high. According to Mr. Nguyen Duc Thanh, many brokers and exporters offer to sell raw cashew nuts at a quite high price to Vietnam although the season in Ivory Coast, Nigeria, and Ghana has just begun. Regarding the consumer market, the purchasing power surely will remain high in 2022, export prices can be kept stable as in 2021 or several percent higher.