Prices Drop and Exports Surge (As of 2024)
Cambodia’s cashew prices have finally started to fall, while the country’s raw cashew production has surpassed that of India. According to Uon Silot, the president of the Cambodia Cashew Association, the country exported 870,000 tons of cashews in the first eight months of this year. Of this amount, 800,000 tons were exported to Vietnam, generating approximately $1.2 billion in revenue. Compared to the same period in 2023, the export volume has increased by over 34%, and the total export value has risen by 26%.
Export Growth and Price Trends
The significant growth in exports reflects Cambodia’s growing prominence in the global cashew market. In February, cashew prices began to fall, prompting the association members to start processing and drying the nuts. This strategic move helped stabilize and even slightly increase the price of fresh cashews. However, it is worth noting that in the past 15 years, the price of fresh cashews has never risen in April.
Current Market Conditions
Currently, the price of cashews has started to decline again. The current price stands at $1,570 per ton. This drop in price is a positive sign for buyers but may pose challenges for producers. The Cambodia Cashew Association is closely monitoring the market to ensure that the industry remains sustainable and competitive.
Industry’s Response to Market Fluctuations
Uon Silot emphasized that the association is taking proactive steps to manage the market fluctuations. By diversifying export markets and improving processing techniques, they aim to maintain stable prices and ensure the long-term growth of the cashew industry in Cambodia. The association is also working on enhancing the quality of cashews to meet international standards and attract more buyers.
Conclusion
Despite the recent price drops, the strong export performance and strategic actions by the Cambodia Cashew Association indicate a promising future for the industry. With continued efforts to improve quality and expand markets, Cambodia is well-positioned to become a leading player in the global cashew trade.
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