Crude cashew prices break record
HCMC – Fresh crude cashew is now selling at VND46,000 a kilo while the price of dried raw cashew stands at VND60,000, an all-time high.
According to a news release on business performance in the first quarter and business and production plan for 2017 of the cashew industry issued by the Vietnam Cashew Association (Vinacas) on March 15, the crude cashew price has continuously edged higher since the beginning of the crop, clocking a 30% year-on-year rise.
Imported crude cashew has increased by US$150 a ton in the past days, from US$1,850 last week to US$2,000 this week.
Vinacas last month made a fact-finding trip to cashew growing areas in some provinces to gauge this year’s cashew output.
Cashew output in Lam Dong and Binh Thuan provinces is estimated to fall by 80% against the previous crop largely due to pests.
However, cashew productivity in some other provinces such as Binh Phuoc, the country's biggest cashew growing area, and Dong Nai and Ba Ria-Vung Tau is not heavily affected by pests, and thus crude material output this year is expected to grow.
Last year, the country produced 1.5 million tons of raw cashew, equivalent to 50% of global output and shipped 348,000 tons of cashew nuts worth US$2.84 billion to foreign markets, according to Vinacas.
Cashew export revenue in the January-February period this year amounted to US$255 million, down over 3% year-on-year, due to the influence of the recent long Tet holiday.