The lesson of lack of raw materials has recurred in the cashew sectorwith the raw cashew shortage forecast to hit 150,000 tonnes, accordingto the Vietnam Cashew Association (VINACAS).
This year’s cashewoutput was only 300,000 tonnes, 50,000 tonnes less than the previouscrop due to bad weather and the shrinkage of cashew acreage in thesoutheastern region.
VINACAS said the situation has taken placefor many years as local cashew farms were capable of meeting only 60percent of processors’ demand and the country had to import between200,000-250,000 tonnes of raw cashew nuts from Africa .
Toreach the target of exporting 190,000 tonnes of cashew nuts for 1billion USD by the end of this year, the country needs 700,000 tonnes ofraw cashew nuts. So far this year, enterprises have imported over120,000 tonnes of cashew.
However, imports of raw cashew nutswere difficult as the world cashew output decreased 20 percent, makingthe prices of raw cashew increase by 30 percent over the same periodlast year, equal to 1,000 USD per tonne.
VINACAS has asked thegovernment to assist cashew processors with capital to buy raw materialsand consider reducing the tax on raw cashew imports to zero percent.
Inthe first seven months of the year, Vietnam exported about 100,000tonnes of cashew nuts, earning 531 million USD, a year-on-year increaseof 5 percent and 23 percent, respectively.
Vietnam has been the world’s largest cashew exporter, making up 37percent of the global market. Vietnamese cashew products have beenexported to over 40 markets, with the US and the Netherlands beingmajor markets./.
This year’s cashewoutput was only 300,000 tonnes, 50,000 tonnes less than the previouscrop due to bad weather and the shrinkage of cashew acreage in thesoutheastern region.
VINACAS said the situation has taken placefor many years as local cashew farms were capable of meeting only 60percent of processors’ demand and the country had to import between200,000-250,000 tonnes of raw cashew nuts from Africa .
Toreach the target of exporting 190,000 tonnes of cashew nuts for 1billion USD by the end of this year, the country needs 700,000 tonnes ofraw cashew nuts. So far this year, enterprises have imported over120,000 tonnes of cashew.
However, imports of raw cashew nutswere difficult as the world cashew output decreased 20 percent, makingthe prices of raw cashew increase by 30 percent over the same periodlast year, equal to 1,000 USD per tonne.
VINACAS has asked thegovernment to assist cashew processors with capital to buy raw materialsand consider reducing the tax on raw cashew imports to zero percent.
Inthe first seven months of the year, Vietnam exported about 100,000tonnes of cashew nuts, earning 531 million USD, a year-on-year increaseof 5 percent and 23 percent, respectively.
Vietnam has been the world’s largest cashew exporter, making up 37percent of the global market. Vietnamese cashew products have beenexported to over 40 markets, with the US and the Netherlands beingmajor markets./.
