Cashew Market Update January 2022 Week 1

 The cashew market in Vietnam has just ended the year 2021 at $2.85 - $2.90/lb Fob (WW320). Compared to the beginning of 2021, prices have returned to the same levels. Volumes of kernels exported 600,000mt, nearly 20% higher than in 2020.

In fact, last year, the most increase was related to broken grades as WS, LP, SP. Their prices actually went up 200%. Of course, COVID and processing and transportation delays have created serious problems, and their prices have increased significantly.

Moreover, carriers announced cutting more spaces and prolonged transit times with much delay.

The 2021 Wrap Up

For the year 2021, Vietnam imported more than 3 million tons of raw cashew nuts, making about 4.1 billion US dollars. Vietnam exported kernels too and made around 3.5 billion US dollars. 

This is especially important to know about since this is the first time in thirty years that kernels exported made the turnover for imports higher than imports. 

As for the new crop, there is a possibility that the crop of 2022 will be late. Unusual heavy rains have appeared in the plantations, and since cashew trees still haven't bloomed, a late harvest is very likely.