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  • Can export prices recover in 2021? 01/25/2021

    Jan 25th, 2021

    According to the estimate of the Import and Export Department (Ministry of Industry and Trade), cashew nut exports in December 2020 reached 47 thousand tons, worth $ 280 million, up 2.3% in volume, but down 0.6% in value Compared to November 2020, compared with December 2019, it increases 10.8% in volume, but decreases 6% in value. For the whole year 2020, the export of cashew nuts is estimated at 511 thousand tons, worth $ 3.19 billion, up 12.1% in volume, but down 3% in value compared to 2019. The average export price of cashew nuts in December 2020 is estimated at US $ 5,957 / ton, down 2.9% compared to November 2020 and down 15.2% compared to December 2019. For the whole year 2020, the average export price of cashew nuts is estimated at US $ 6,245 / ton, down 13.5% compared to the average cashew export price in 2019. Cashew exports are forecast to slow down in the first quarter. / 2021 according to the cycle factor. The US and European countries reduced imports because they boosted imports at the end of 2020. However, the Import-Export Department said that the outlook for cashew nut exports for the whole year 2021 will generally be positive thanks to the Free Trade Agreements. Cashew export prices are likely to recover as prices in 2020 have fallen to low levels. According to calculated data from the General Department of Customs, the export of W320 cashew nuts in the first 11 months of 2020 reached 197.85 thousand tons, worth 1.3 billion USD, up 8.3% in volume, but decreased by 5.2 % in value over the same period in 2019. In particular, the export of W320 cashew nuts to some major markets increased, including: the US, the Netherlands, Australia, UK, Canada, Turkey. In contrast, W320 cashew exports to China, Germany, Thailand, Belgium, and Spain decreased. The Department of Agro-Processing and Market Development forecasts that Vietnam's cashew kernel export prospects in the coming time will be more positive thanks to the Free Trade Agreements. With the EVFTA Agreement put into effect, the Memorandum of Understanding for the conclusion of the Free Trade Agreement Vietnam - UK (UKVFTA) was signed, opening up export opportunities for many key products of Vietnam, including cashew nuts. Preferential tariffs with more than 99% of tariff lines exported to the UK will be eliminated within 6 years after the UKVFTA comes into effect and trade facilitation will create conditions for Vietnamese cashew nuts. Cashew kernel prices are expected to tend to increase, because the supply of cashew nuts in Vietnam is not much while the price of raw cashew is still high, not balanced with the price of cashew nuts, so processors are very cautious in importing cashew. rough.