<p>The average export price in September 2024 reached 6,560 USD/ton, an increase of 22.5% over the same period last year.</p> <p>This is the highest price in 2024, higher than the prices of previous months such as August 2024 at 6,424.7 USD/ton and July 2024 at 6,279.59 USD/ton.</p> <p>In the first 9 months of 2024, the whole country exported 581.13 thousand tons of cashew nuts of all kinds with an export turnover of 3.38 billion USD, an increase of nearly 28% in volume and 32.6% in value compared to the first 9 months of 2023. The average export price in the first 9 months of 2024 reached 5,775.5 USD/ton, an increase of 2.8% over the same period.</p> <p>What is the reason for the price increase?</p> <p>According to some foreign experts, the increase in cashew nut prices in 2024 may be due to the following reasons:</p> <p>1. Supply chain disruptions: Vietnam, the world's largest cashew nut processor, is facing a decrease in imported raw cashew nuts by more than 10% compared to the same period last year. This has led to a shortage of supply. Poor harvests in West Africa, the main source of raw cashew nuts, have also exacerbated the shortage. High raw cashew nut prices and a lack of raw materials have pushed up cashew nut prices.</p> <p>2. High demand in emerging markets: Countries such as China and other parts of Asia are seeing strong demand due to an expanding middle class and increasingly health-conscious consumers. Increased competition for available supplies has pushed up prices.</p> <p>3. Global economic and environmental factors: Exchange rate fluctuations and adverse weather conditions due to climate change have made production costs more expensive and less predictable. Harvest yields are affected, increasing processing costs, which in turn leads to higher retail prices for consumers. 4. Geopolitical tensions</p> <p>: Some regions, such as the Middle East, are seeing reduced demand due to political instability. However, global demand remains strong overall, especially in Western markets, where health-conscious consumers are driving consumption.</p> <p>Despite the challenges, the long-term outlook for cashew prices suggests that volatility will continue, with prices likely to remain high due to supply constraints and strong global demand, especially during the year-end holiday season.</p>