Sri Lanka: Cashew Nut Market 2024

Cashew Nut Market Size in Sri Lanka

After three years of decline, the Sri Lankan cashew nut market increased by X% to $X in 2022. In general, consumption showed strong growth. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Cashew Nut Production in Sri Lanka

In value terms, cashew nut production dropped slightly to $X in 2022 estimated in export price. Overall, production continues to indicate significant growth. The pace of growth was the most pronounced in 2015 when the production volume increased by X% against the previous year. Cashew nut production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

In 2022, the average cashew nut yield in Sri Lanka soared to X tons per ha, jumping by X% compared with 2021 figures. Over the period under review, the yield posted prominent growth. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. As a result, the yield reached the peak level of X tons per ha. From 2019 to 2022, the growth of the average cashew nut yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of cashew nuts production in Sri Lanka expanded to X ha, rising by X% compared with 2021 figures. In general, the harvested area, however, showed a pronounced slump. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, the harvested area dedicated to cashew nut production reached the peak figure at X ha in 2012; however, from 2013 to 2022, the harvested area remained at a lower figure.

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Cashew Nut Exports

Exports from Sri Lanka

After two years of growth, shipments abroad of cashew nuts decreased by X% to X tons in 2022. Overall, exports recorded a deep setback. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, cashew nut exports expanded remarkably to $X in 2022. In general, exports, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to see steady growth in the near future.

Exports by Country

Qatar (X tons), the United Arab Emirates (X tons) and Singapore (X kg) were the main destinations of cashew nut exports from Sri Lanka, with a combined X% share of total exports. Saudi Arabia, Bahrain, Maldives, Swaziland, Kuwait and Oman lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bahrain (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cashew nut exported from Sri Lanka were Singapore ($X), Qatar ($X) and the United Arab Emirates ($X), with a combined X% share of total exports. Maldives, Saudi Arabia, Kuwait, Bahrain, Swaziland and Oman lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Bahrain, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average cashew nut export price amounted to $X per ton, picking up by X% against the previous year. Overall, the export price saw a significant expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Swaziland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (X%), while the prices for the other major destinations experienced more modest paces of growth.

Cashew Nut Imports

Imports into Sri Lanka

In 2022, purchases abroad of cashew nuts increased by X% to X tons for the first time since 2017, thus ending a four-year declining trend. Overall, imports, however, recorded a abrupt contraction. The pace of growth was the most pronounced in 2015 when imports increased by X%. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, cashew nut imports shrank remarkably to $X in 2022. In general, imports, however, continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Tanzania (X tons) was the main cashew nut supplier to Sri Lanka, with a X% share of total imports. It was followed by India (X kg), with less than X% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Tanzania amounted to X%.

In value terms, Tanzania ($X) constituted the largest supplier of cashew nuts to Sri Lanka, comprising X% of total imports. The second position in the ranking was taken by India ($X), with less than X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Tanzania amounted to X%.

Import Prices by Country

The average cashew nut import price stood at $X per ton in 2022, which is down by X% against the previous year. In general, the import price, however, recorded perceptible growth. The pace of growth was the most pronounced in 2013 when the average import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per ton), while the price for Tanzania totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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