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  • In 20 days of June 2020, Vietnam's export cashew prices were low 06/29/2020

    Jun 29th, 2020

    The Import and Export Department (Ministry of Industry and Trade) said that in June 20, 2020, the export price of cashew nuts in Vietnam was low. Specifically, factories are offering W320 cashew nuts at US $ 2.6 - 2.85 / lb (1lb = 0.45kg); cashew nuts type W240 cost from 3.1 to 3.35 USD / lb; W450 cashew nuts cost from 2.4 to 2.6 USD / lb. Vietnam Cashew Association (Vinacas) recommends that factories signing export contracts for processed cashews for the coming months should consider the minimum price of 3 USD / lb for W320 grade cashews. At the same time, mills should limit sales to take advantage of the ability to raise prices when part of the Asian cashew processing industry is facing supply difficulties. Cashew nut processing in small factories in Vietnam has decreased significantly in recent years. Besides, the supply of raw cashew nuts is also limited due to the Ivory Coast government's increased procurement of reserves, while the market offers are of low quality. Vinacas recommends that cashew processing plants need to negotiate carefully to ensure the right quality of signing to minimize risks. In addition, businesses should not sell cashews at cheap prices but should take every opportunity to offer higher than current prices. According to the General Department of Customs, cashew exports in May 2020 reached 42.82 thousand tons, valued at US $ 263.14 million, down 3.7% in volume and 9.6% in value compared to the value. In April 2020, it increased by 3.6% in volume, but decreased by 13.3% in value. Generally in the first 5 months of 2020, cashew exports reached 182.8 thousand tons, valued at US $ 1.23 billion, up 16.9% in volume and 1.3% in value over the same period in 2019. The Covid-19 epidemic caused deep consumption of cashew nuts in major export markets such as the United States and the EU to decline in hotels and restaurants, but increased in supermarkets. At times, supermarkets in the United States and the EU were in short supply of cashews. In the context that the Covid-19 epidemic is still complicated, the demand for cashew nut is expected to increase sharply. Industry experts forecast that cashew prices are likely to increase in the near future, which will have a positive impact on Vietnam's cashew exports.


    Source: http://www.vinacas.com.vn/
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