Vietnamplus

The price of pepper and cashew in southern Vietnam is falling as demand has dropped due to the COVID-19 crisis, affecting farmers and businesses.

Cashew prices are low at present, according to the Vietnam Cashew Association (Vinacas).

Vietnam sustained its position as the world’s leading cashew processor and exporter in 2018, yet the country still suffered from certain losses, so the sector must strive to regain what it lost in 2018 and improve its export value in 2019, according to insiders.

Vietnamese importers have stopped buying raw cashew from Africa due to high prices, a representative of the Vietnam Cashew Association (VINACAS) said at a conference in HCM City on February 27.

Although global cashew demand is predicted to continue rising, the Vietnam Cashew Association (Vinacas) and cashew processors and exporters are worrying about a high price trap which may affect their activities in 2018.

The local cashew industry has seen a spike in cashew prices, marking a 10 year record high, mostly due to increasing global prices.