VINACAS: cashew import from Africa halts due to high prices
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.
VINACAS President Nguyen Duc Thanh speaks at the conference (Source: VNA)
HCM City (VNA) – Vietnamese importers have stopped buying raw cashew from Africa dueto high prices, a representative of the Vietnam Cashew Association (VINACAS)said at a conference in HCM City on February 27.
Dang Hoang Giang,VINACAS Vice President, said raw cashew prices in Africa climbed 30 – 40percent to a record 1,956 USD per tonne last year, while cashew nut prices grewonly 10-15 percent in the global market.
The increasingtrend continued in February, therefore Vietnamese importers stopped buyingcashew from the country, as did Indian firms.
Ta Quang Huyen,Chairman of the Management Board of Hoang Son 1 Company said local importersmay need to buy about a million tonnes of cashew in 2018, compared to more than1.3 million tonnes in 2017.
With favourableweather this year, Vietnam hopes to produce between 400,000 – 500,000 tonnes,Huyen said, adding that Cambodian’s cashew abundance can also help ease Vietnamesecashew processors’ reliance on African sources.
Amid the changesin raw cashew prices, VINACAS and its members will focus more on increasingquality, processing and developing the domestic market.
This year, thesector hopes to earn 3 billion USD from selling 300,000 tonnes of cashew, down2 percent in volume and value from 2017.
Firms will facelosses if they buy raw cashew at high prices to fulfill the target export valueof 4 billion USD in 2018, Nguyen Duc Thanh, VINACAS president explained.
The association isworking with the Cambodian Ministry of Agriculture, Forestry and Fisherieson developing cashew material zones, aiming to increase the country’soutput to one million tonnes in the next 10 years.-VNA
Cashew exporters are facing a shortage of capital and struggling to import enough raw materials to meet the industry's annual export target of 1.4–1.5 billion USD, said industry insiders.
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.
Vietnam’s cashew industry has targeted 300,000 tonnes of cashew exports at a value of 3 billion USD this year, a year-on-year reduction of 50,000 tonnes in volume and 500 million USD in value.
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VINACAS President Nguyen Duc Thanh speaks at the conference (Source: VNA) 
