Cashew Market Update December 2021 Week 51
There is quite a lot to unpack in this week's cashew market update. To kick things off, let's take a look at Vietnam to see what's happening.
Updates from Vietnam
In November 2021, we received news that Vietnam had imported a total of 139,818 mt RCN, about 18% lower than that time last year. But this isn't an accurate representation of imports this year.
In fact, from January to November, imports increased by 94.64%, a total of 3,007,939 mt RCN. Additionally, Vietnam imported 7,938.22 mt of raw cashew kernels.
Also, Vietnam exported 53,403 mt of cashew kernels in November 2021. This is a 16% increase compared to the same period last year.
Export Figures to Note
Vietnam exported the following numbers so far:
United States: 12,885 mt in November, an increase of 20% from last year. Since January, the total exported to the US was 149,021 mt.
China: 7,330 met exported in November, a decrease of 10% compared to last November. Between January and November, 57,211 mt were shipped.
EU & Others: 33,188 mt were exported to the EU and other countries this month. Total exports from January to November are about 27% higher than last year at 352,849 mt.
Market Updates
By looking at the November numbers, it can be seen that Vietnam has crossed the 3 million ton RCN mark and has also recorded an export high of 560,000 mt of kernels. Since the final December figures haven't come in yet, it's expected that the figures will be higher than reported.
The market is quite silent at the moment. There isn't much market activity and no buyers looking for new shipments. The market conditions are expected to remain the same in the first quarter of 2022. Expect a real possibility of buying interest in the 2nd and 3rd quarters in 2022.
Crop News
Next year's crops are developing well in Vietnam, Cambodia, India, and many parts of West Africa. Vietnam reports good weather with only some rainfall which will not harm the harvest. Harvest in Vietnam is expected to begin after the Vietnamese New Year on 1st February 2022.
Cambodia, on the other hand, will harvest before Vietnam. India has been subjected to quite a bit of rain which will delay things when it comes to harvesting, but it is likely to do so in the second half of February.
We will keep you in the loop as more information comes through.
