Unexpectedly Rising Raw Cashew Prices Hitting Firms
Sudden rises in prices of raw cashew in the past weeks have hit local processing and exporting companies.
The companies said raw cashew prices increased 30 per cent at domestic market, while export prices rising only 7 per cent. In Binh Phuoc province, the cashew was offered at VND14,000/kilo on March 20, nearly double export price of 2008.
Nguyen Duc Thanh, acting chairman of the Vietnam Cashew Nuts Association (Vinacas), said local companies have exported 30,000 tons of cashew nuts in the first three months of 2009, raking in US$150 million.
The figures show slightly decrease in volume but a sharp fall by 25 per cent in value against the same period of last year.
Vietnam’s cashew output is predicted to drop to 200,000-250,000 tons in 2009 due to bad weather, lowering cashew export volume to 150,000 tons.
Vietnam exported 167,000 tons of cashew nuts with for US$4,200/ton on average, earning US$920 million in 2008. (Youth)
Vietnamese
