The cashew industry in Vietnam for the year 2020 is expected to reach its export target of 450,000 tons worth $3.2 billion.
Stats from the general department of customs in Vietnam suggests that the exports in September increased by 10.3% & 12.6% in terms of volume and value respectively compared to August.
While up by 21.5% to 5% in volume & value compared to September 2019, reaching 51.3 thousand tons worth 305.68 million.
The demand has increased due to the seasonal factors from major export countries like the USA, EU, India & China.
Due to the limited supply, Cashew nut prices are expected to increase as many small cashew processing facilities in Vietnam & India have reduced capacity.
Uncertainties regarding the demand for processed cashews remain constant. Many importing countries have purchases enough demand until December 2020.
In September the average export price of Cashew nuts reached USD 5,957 per ton compared to August 2020.
In some markets in Israel & India, the average export price of Cashew nuts increased compared to September 2019.
On the other hand, it decreased in some markets like Hong Kong, Egypt, Iraq, Taiwan, Pakistan, Singapore, Norway & France.
In the first nine months of 2020, the average export price of Cashew in India & Saudi Arabia increased up to USD 5739 per ton, USD 6571 per ton.
In countries like the Netherlands, Australia, Germany, France, UAE, Japan, Iraq the exports increased.
While the exports decreased in China, Russia, and France.