Vinacas says to import 200,000 tons of raw cashew
Ngoc Hung
By Ngoc Hung - The Saigon Times Daily
HCMC – In the coming time, local businesses need to import an additional 200,000 tons of raw cashew to process, said the Vietnam Cashew Association (Vinacas). Therefore, the total volume of raw cashew imports in 2012 is estimated at 357,000 tons.
According to Vinacas, in the first seven months of 2012, enterprises imported nearly 157,000 tons of raw cashew, with an average import price of VND21,700 per kilo.
Vinacas forecast from now to the year’s end, the export prices of cashew would increase given the higher demand of the world, mostly the U.S. and China, so local cashew exporters need more materials.
As the Chinese National Day and the wedding and festive season in India are coming soon, cashew nut consumption will pick up, pushing up cashew prices, according to Vinacas.
However, cashew price forecasts are not always correct. At this time last year, Vinacas predicted cashew export prices would rise in the final months of 2011, but in fact they did not rise but fall.
Given the global price fluctuations, seven out of the ten cashew exporters that the Daily contacted said they were not so optimistic about prices rising again in the last months due to the difficulties in overseas markets, especially Europe.
In early 2012, Vinacas set a goal to export 150,000 tons of cashew nuts this year, bringing in US$1.5 billion.