Processing cashew nuts for export (Source: VNA)Hanoi (VNA) – The worldprices of cashew nut are forecast to recover in the second quarter of this yearto levels higher than that in the past two years, according to the Department ofFarm Produce Processing and Market Development under the Ministry ofAgriculture and Rural Development.
Export revenue from cashew nutexport this year has seen a strong reduction due to decreasing prices in theworld market. Some 44,000 tonnes were shipped abroad in the first two months ofthis year for 365 million USD, down 3.1 percent in volume and 22.3 percent invalue on a yearly basis. The export price in January averaged 8,136 USD per tonne,21 percent lower than one year ago.
The US, China and the Netherlandsremained the three largest customers of Vietnam’s cashew nuts, accounting for 33percent, 15.6 percent and 10.4 percent, respectively, of the country’s totalearnings from the export of the nut.
In the short term, the prices ofcashew nut are expected to continue going down as it is harvest time in manymajor cashew nut producing countries such as Brazil, Indonesia and Nigeria.
However, the prices are said tobegin picking up in April towards the end of the year, helped by rising demandin China and other importing countries, according to the International Nut andDried Fruit Council.
Although Vietnam is a leading exporter of cashewnut, the country’s export value remains modest as many enterprises are stilldependent on imported materials.
In 2018, Vietnam’s cashew export revenue hit 3.52 billionUSD, but up to 70 percent of cashew materials for processing were imported,leading to high costs.
According to the Vietnam Cashew Association (Vinacas), in2019, Vietnam plans to ship abroad 350,000 tonnes of cashew nuts for about 4billion USD, a lower volume but higher value than the previous year. -VNA
VNA
