Food Industry News

Vietnam raised the price of cashews

The drought in Vietnam, the world's largest cashew exporter, and the growing demand for nuts, triggered a jump in cashew prices in Vietnam to a record high.

Vietnam has increased its export prices for cashews on 22%, experts predict a further rise in prices of nuts.

The average cost of one ton of Vietnamese cashew nuts in the world market increased from January to August to 22% -. To $ 7,8 thousand per ton, according to Bloomberg. The rising cost due to an increase in demand for nuts, as well as drought in Vietnam. By the end of October, the export price of cashew nuts increased to $ 9 thousand., From the data of the Vietnam Cashew Association of Manufacturers. That is, higher prices for the month was 10 40,8%, it transmits RNS.

World demand for cashews has grown from 2010 2014 by year 53%, ahead of the pace of growth in demand for all other types of nuts. At the same time the consumption of cashew in the same period also jumped by more than 53% - with 469 2010 thousand tons per year to a record 717 2014 thousand tons per year, it should be of the latest data of the International Council of nuts and dried fruit producers (INC)...

"We expect a rise in prices at least 10 2016% at the end of the year, while maintaining the current supply. Offer may be slightly reduced in comparison with the previous year. High prices this year could lead to a decrease in demand in 2017 year ", - said vice-president of Olam International Amit Khirbat.

Drought in Vietnam

Drought in Vietnam, which is the world's largest cashew exporter, and consumption growth may lead to a restriction of supplies and further price increases for this type of nut, the volume of the global market which is estimated at $ 5,2 billion.

The drought reduced the harvest in Vietnam, the main exported agricultural products of the country, including rice, black pepper, coffee and cashew. the last harvest was reduced to 11%, which has already led to price increases for this type of nuts on the domestic market 37% - to a record for Vietnam $ 2,33 per kilogram.

"Such as this year, we have not seen," - said the chairman of the Vietnam Association of producers of cashew Nguyen Duc Tang. According to him, prices are likely to remain high until the next harvest, which goes at the beginning of the year 2017.

Binh Phuoc Province in southern Vietnam, which accounts for more than half the harvest of cashew in the country, has been hit hard by drought. As Bloomberg reported local farmer Huang Thuy Dung, his crop fell by 27% this year - up to 8 tonnes against an average of 11 tons per season.

market leaders

The increase in demand, including from Chinese and European consumers, has led to an increase in exports of cashew 10 years 504 about th. Tonnes by the year 2014, follows from the statistical data INC. A quarter of exports go to the US, where cashew, among other things, is used for the production of protein bars and cashew milk.

According to the INC, Vietnam is the largest exporter of cashew nuts in the world, in 2014 year it accounted 58% of the total exports of the nut, followed by India (23%), the third - the Netherlands (5%). The highest demand for cashew recorded in India (just over 220 thousand. Tonnes per year), followed by the US (about 130 thousand. Tons), three leaders of the demand for cashew China closes (approximately 50 thousand. Tons).

Re-exports cashew

Despite the poor harvest, Vietnam is likely to increase the volume of exports of nuts due to higher imports of unprocessed nuts from other countries -. To 800 thousand tons of raw nuts, which is two times higher than the harvest in Vietnam.

According to the Vietnam Cashew Association of Manufacturers, the export volume of processed nuts reaches 300 thousand. Tons in the year against the 2016 286 thousand. Tons last year. As of the end of October, Vietnamese exports in monetary terms amounted to $ 144 billion, of which $ 2,33 billion accounted for cashew. It is expected that by year-end figure will increase to a record $ 2,7 billion against $ 2,4 billion in the last year.

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