CashewInfo
News

Home   >   NEWS & VIEWS   >   News

  • A Glance of West African cashew market in 2016

    Dec 20th, 2016

    Guinea Bissau, which officially started service from April 17 and the government has also stipulated the minimum purchase price of 350 FCFA in the garden / kg ($ 0.6). Another noteworthy point is that this year while things were slow season or delay in other West African countries, but this appeared to be the right time in Guinea Bissau. The price of crude in the garden at the beginning of being listed at 400 FCFA / kg ($ 0.68) and rise to 735 FCFA / kg ($ 1.25) in the middle of this year.

    The first time in Guinea Bissau, through the first half of the season (after the first week of June), no tons of raw cashew nuts have been exported. The warehouse filled with goods, the containers were lined in rows, but the port is blocked unexpected. The first reason is because commercial staff / Financial refusal to issue papers on wages due to disagreements with the authorities and the wharf was not put into operation. Two incidents then also have been resolved. Finally, the trip first container ship has been moved up from the port of Bissau in the second week of June.

    Guinea Bissau's new government was sworn in to office in the first week of June and three weeks later has taken the initiative to get India recognized as least developed countries, which means that Indian importers will import nuts from Guniea Bissau with the lower rate of 5% normally.On August 23, India's Ministry of Finance (Department of Revenue) Guinea Bissau recognized as least developed countries (LDC). For more information, please visit the following address: http://www.cbec.gov.in/Customs-Notifications .

    As of June 16, about 125,000 tons of crude were exported out Guinea Bissau territory and about 50,000-60,000 tons is waiting in the warehouse to be shipped preparation. The amount it exported in 2016 is likely higher than the 180,000 tons of 2015.Contrary to the situation taking place in other countries, the quality of raw cashew nuts in Guinea Bissau exported good and importers said that individual reached 55-56 lbs dried.In the first 7 months of the year, India imported about 8,000 tons and the import will continue in the following months. In 2015, India imported about 121,000 tons of raw cashew nuts from Guinea Bissau. Total production of crude in Guinea Bissau in 2016 is expected to reach approximately 200000-220000 tons.

    The price of crude of the main exporting countries in West Africa in 2016

    Nation

    The minimum purchase price at farm (USD)

    Early season price (USD)

    Highest price (USD)

    Benin

    0.66

    0.77

    1.28 to 1.45

    Nigeria

    0.83

    1.12

    1.21 to 1.28

    Guinea Bissau

    0.6

    0.68

    1.25

    Gambia

    1.05

    1.29 to 1.36

    1.45 to 1.47

    Senegal

    0.85

    1.28 to 1.36

    1.53

    Ivorian

    0.6

    0.77 to 0.82

    1.02 to 1.11

    Ivorian

    Like most other West African countries, Ivory Coast case it is delayed for nearly a month. Ivorian government has granted 4 million bags pineapple farmers to minimize the devaluation. Part of the export tax has been drawn to support this initiative with the hope farmers will use this bag at least twice.

    Prices for crude in the first garden in the range 450-480 FCFA / kg (.77 to 0.82 US dollars) compared with the minimum purchase price of 350 FCFA in the garden / kg ($ 0.6). Farmgate price of crude stabilizes at this level until the end of April and then increased to the highest level of the service reaches 600-650 FCFA / kg (1.02 to 1.11 dollars). Then it dropped prices by reducing individual substances, lower than the 48 lbs.

    Production of crude by the Ivory Coast in 2016 is expected to reach the most optimistic 650000-675000 tons and will be equivalent to the level of output is 700,000 tons of 2015. By the end of July, Ivory Coast exported 400,000 tons of crude. At the same time Ivorian processing is about 40000-45000 tons of crude in the country.


    Source: Vietrade