(HQ Online) - The information was given at the press meeting organized by the Vietnam Cashew Association (VINACAS) on the afternoon of October 10.
Mr. Pham Van Cong, Chairman of VINACAS, said that according to export data for the first 9 months of 2023 from the General Department of Customs, cashew export turnover has reached 2.6 billion USD. While the fourth quarter is the time when demand for cashew nuts increases in major export markets, Mr. Cong is confident that this year the cashew industry will reach the set plan of 3.1 billion USD.
However, VINACAS also warns businesses to strictly control the quality of exported cashew kernels. Mr. Bach Khanh Nhut, Permanent Vice President of VINACAS, said that the association has received documents from associations in Europe and the US and feedback from some major customers complaining about the quality of cashew nuts. "Currently, Vietnam is at the peak of storms, so it is easy for harmful insects to arise, affecting the quality of cashew kernels" - Mr. Nhut said.
Information about the market situation, Mr. Dang Hoang Giang, Secretary General of VINACAS, said that from the beginning of the year until now, although the number of exported kernels has recorded high growth, the export price has always been lower than compared to the previous year. with the same period in 2022.
However, since the beginning of October 2023, the export price of cashew kernels has begun to increase slightly, but the cashew kernel market is still quite quiet and demand is not much. Although there is still some demand for long-distance delivery until early next year, there are not many successful sales because the offered price is higher than buyers' expectations.
Notably, the demand for large seeds such as W180 and W240 is increasing and prices are increasing, but there are not many offers because the quantity on the market is not much.
According to experts, the current global inventory of raw cashew nuts is enough for processing in the next 9 months. If the 2024 crop goes ahead normally, there will not be a shortage of raw cashew nuts. However, the price of raw cashew nuts is still high compared to the converted price of cashew kernels, so there are predictions that cashew kernel prices will increase. However, many people believe that it is unlikely that there will be a sudden increase in the price of cashew kernels.
