The information was given at a press meeting organized by the Vietnam Cashew Association (VINACAS) on the afternoon of October 10.
Mr. Pham Van Cong, Chairman of VINACAS, said that according to export data in 9 months of 2023 of the General Department of Customs, cashew export turnover reached 2.6 billion USD. The fourth quarter is a time of high demand for cashew nuts in major export markets. Therefore, Mr. Cong is confident that the cashew industry will reach the set target of 3.1 billion USD this year.
The quality of exported cashew kernels is complained.
However, VINACAS also warns businesses to strictly control the quality of cashew kernels for export. Mr. Bach Khanh Nhut, Permanent Vice President of VINACAS, said that the association has received letters from the association in Europe and the US, along with complaints from some large customers about the quality of cashew kernels. “Currently, Vietnam is at the peak of storms, so it is easy to cause harmful insects, affecting the quality of cashew kernels,” said Mr. Nhut.
Regarding the market situation, Mr. Dang Hoang Giang, General Secretary of VINACAS, said that since the beginning of the year, although the amount of exported cashew kernels has recorded high growth, export prices are always lower than in the same period in 2022.
Since October 2023, export prices of cashew kernels have started to increase slightly. However, the cashew kernel market is still quiet and demand is not much. Although there is a need to buy goods for delivery early next year, not many deals are successful because the offered price is higher than buyers’ expectations.
Notably, the demand for big-size cashews such as W180 and W240 is more and more. The prices have increased strongly but there are not many offers because the quantity on the market is not much.
According to experts, the current global inventory of raw cashews is sufficient for processing in the next 9 months. If the crop 2024 takes place on a normal basis, there will be no lack of raw cashew. However, the price of raw cashews is still high compared to the price of cashew kernel. Therefore, there are forecasts that the price of cashew kernels will increase. However, many people believe that it is unlikely for a sudden increase in the price of cashew kernels./.