Cashew Nut Market Update March 2022 Week 9

With not much to report on the Cashew Market last week, this week has been different. 

Vietnam had record levels of Cashew exports in 2021, and as such, their targets for 2022 were relatively high as well. The ongoing Ukraine crisis has resulted in Vietnam revising its export targets for this year. While the new target of 3.2 billion dollars is still relatively high, it does look like a realistic target. 

The Ukraine Crisis and its Global Impact

The Ukraine crisis's impact on the global and especially the European economy is already being seen. Add to this, the pandemic has also continued to hit the economy ever so constantly. The European Union Market consumes 35% of cashew exports. With both the Ukraine crisis and the Covid pandemic, the markets may experience trouble ahead. 

At the time of writing, there is little to no activity in the markets. The demand has not increased over the past few weeks, though this has not manifested in the prices. The European sports market has seen no price change in the last week. 

On the supply side, while Vietnam and Cambodia have seen more than usual rainfall over the past two weeks, there is no concern over crop damage. However, if the weather persists, alarm bells may start to ring. Over in cashew growing African countries, the weather has been satisfactory so that yield targets will be achieved and quality will be good.