Cashews: stocks are running low
August 22, 2024 at 10:03 AM ,
Der AUDITOR
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Freight prices make offers difficult
The cashew season in West Africa is drawing to a close, as the experts at ofi also report. Demand for high-quality in-shell cashew nuts has been high this season, and as the government of Côte d'Ivoire has imposed an export ban, other producing countries have stepped in, bringing them many advantages, but also challenges. According to experts, the prices for in-shell goods stabilised in July, which helped Asian processors to better assess their needs. One of the biggest problems continues to be the high freight costs, which make it difficult to accurately calculate offers for the target markets. Harvests in East Africa, Brazil and Indonesia are due to start in September or October, depending on the region, and it currently looks as if these growing countries can expect an average crop volume. As far as quality is concerned, market players are expecting initial information in October/November.
Buyers are increasingly stocking up
According to ofi, the global availability of cashew nuts is limited, as many processors only process the quantities for which there are already enquiries. Stocks in some of the most important destination markets are low. However, the more stable prices from June onwards have encouraged many buyers to cover their future requirements, in some cases even until mid-2025. In Europe, buying interest is likely to increase soon, with more purchases usually being made here from October at the latest. In India, cashew nut prices have risen slightly in recent weeks. Cashews, W320 are currently traded at USD 7,950/mt FOB India.
Cashews, India |
|
Type |
USD/mt |
LP-1 9/15 |
9,865 |
LWP |
6,605 |
SWP |
5,940 |
W320 |
7,950 |
W450 |
7,235 |
FOB India |
Germany's imports are stable
Germany's cashew imports in the period from September 2023 to June 2024 are almost at the same level as in the previous year, with a nominal decrease of 0.8%. The country imported a total of 52,493 mt of shelled cashews during this period, with Vietnam being by far the most important supplier. Côte d'Ivoire and the Netherlands follow in second and third place. Nigeria and Mozambique were able to increase their shipments to Germany by an impressive 64.3% and 39.3% respectively, while India and Ghana suffered significant losses.
Cashew imports, Germany, in mt |
|||
Supplier |
2022/23 |
2023/24 |
Diff. |
Vietnam |
33,560 |
33,142 |
-1.2% |
Cote d'Ivoire |
7,102 |
7,371 |
3.8% |
Netherlands |
7,157 |
7,118 |
-0.5% |
Nigeria |
524 |
861 |
64.3% |
India |
1,006 |
750 |
-25.4% |
Burkina Faso |
702 |
739 |
5.3% |
Brazil |
631 |
627 |
-0.6% |
Indonesia |
592 |
371 |
-37.3% |
Mozambique |
242 |
337 |
39.3% |
Ghana |
731 |
95 |
-87.0% |
Others |
694 |
1,082 |
55.9% |
Total |
52,941 |
52,493 |
-0.8% |
Federal Statistical Office of Germany / Sep-Juni 08013200 Fresh or dried cashew nuts, shelled |
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