Cashews Market Update June 2022 Week 26

It has been reported that Vietnam has imported a total of 255,285 MT, worth around US$ 373.4 million, of cashews in April, down by 22.6% in volume compared to last year. So far, Vietnam has imported a total of 728,731 MT of cashews, valued at US$ 1.1 billion.

It has also been noted that there is a year-on-year decline in exports. Between January and May 2022, Vietnam shipped 208,000 mt of cashews worth USD 1.24 billion. 

Experts state that this is because overseas suppliers still have quite a few stocks, so there is no need to buy more at the moment. Additionally, the ongoing high freight costs deter importers from purchasing anything above the absolute necessities.

Another significant issue is that buyers are also diversifying their supplies. They don't wish to depend entirely on a particular country or supplier. This has been noticed in Vietnam and India in particular, who have noted that purchases are being made in Cambodia, the Côte D'Ivoire and Myanmar, as Vinacas.