Cashews: China increases imports significantly
November 15, 2021 at 1:58 PM ,
Der AUDITOR
Processing plays a subordinate role in Africa
According to the African Cashew Alliance (ACA), the cashew industry is of enormous importance for Africa's economic development, especially by creating numerous jobs and reducing the prevailing poverty. With an estimated annual production of 2.1 million mt, Africa produces about 57% of the world's RCN. However, there is still a great need for improvement. According to the experts, three problems need to be addressed with particular focus: overdependence on a single origin, the long supply chain and unreliable market information systems. Processing also currently plays only a minor role in Africa - only about 10% of the cashews processed worldwide come from Africa. This is due on the one hand to the financial situation, and on the other hand to persistent problems in freight and transport. The world's most important producer of processed cashews remains Vietnam, with the country sourcing a large part of its raw nuts from African origins.
China increases cashew imports
The Chinese cashew imports have increased significantly, according to official data from the China Customs Bureau. For instance, in September 2021, China imported cashew nuts worth USD 22.24 million, an increase of 17.7% compared to September 2020. In January-September 2021, imports were equivalent to USD 125.84 million, 23% higher than the import value in the corresponding period last year. Vietnam is by far the most important supplier, with a market share of 88.12%, equivalent to USD 110.88 million in sales, representing a year-on-year increase of 28.7%, as outlined by the Vietnam Cashew Association (Vinacas).
Meanwhile, ACA experts report that Chinese buyers are mainly interested in the cheaper varieties such as broken and diced cashews. This is mainly due to the fact that the product is increasingly used in the confectionery industry, where cashew kernels are less frequently used.
Prices fall slightly
Prices on the European spot market have dropped slightly in the past two weeks. Cashew kernels, WW240 from Vietnam currently cost EUR 7.05/kg FCA Spain.
|
Cashew kernels, Vietnam |
|
|
Type |
EUR/kg |
|
WW320 |
6.80 |
|
WW240 |
7.05 |
|
Large White Pieces |
4.45 |
|
FCA Spain |
|
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