For cashew nuts, this smiley-shaped nuts are consumed in a faster pace than any other nuts. Not just that, starting from last year, harvest has not been good due to the drought in Vietnam, one of the largest exporter of cashew nuts. This drought in Vietnam is not just affecting cashew nuts, but also the harvest for coffee, rice and seafood.
Peanuts and almonds are still the most popular nuts in the world, but cashew has overtaken walnuts and pistachio to stay in a close third place. Rising demand especially from China, has sparked a 70% increase in exports over the recent years. Harvesting is still pretty labour intensive and you can read more on How to grow cashew nuts.
With higher demand and lesser crops, prices have been steadily increasing and reached an all-time high. Prices have increased 30% since last year and yet, suppliers have been informing us that prices will continue to climb.
It is estimated by Vietnam Cashew Association that the exports this year will hit 300,000 tons, an increase from 286,000 tons last year. Africa is also producing more nuts to meet the world's insatiable demands but we foresee prices will not stabilise anytime soon.
This is due to a drought in Bolivia that has diminished the returns from harvest. With volatile weather situations, we have to be prepared for further price hikes in the near future. Even though our brazil nuts are from USA and not Bolivia, reduced supply will definitely result in higher price.
Sometimes, we have to sell at a loss because the price increases suddenly without warning. But, we do honour our transactions so rest assured, you will definitely get your healthy snacks.
However, don't be surprised if the price is not the same the next time round. Happy snacking!