Cashew exports 11.12.23
The cashew nuts export market remained unoccupied last week, contrary to earlier speculations. Those holding both cashew nut kernels and raw materials are anticipating a price hike but are dealing with significant losses as the cashew market continues its downward trend.
The cashew market is still experiencing a prolonged slump, prompting many sellers to temporarily halt offerings to monitor market dynamics. Others are compelled to slash prices to facilitate sales under the strain of financial and sales pressures. Export sales of cashew nut kernels must align with the volume of imported raw materials, as failure to export incurs a 5% import tax.
In the previous week, some small packers sold WW320 grade for less than $2.30/lb, causing upheaval in the Vietnam cashew market. Guinea Bissau is currently offering at approximately $1,115-$1,135 per ton, with a 52 lbs outturn and 215 nuts, while Tanzania’s price ranges from $1,190 to $1,210 per ton, boasting a 52 lbs outturn and 190 nuts.