The price of processed cashewnuts for export is predicted to increase considerably in the remaining months of this year thanks to high demands and limited supplies, according to Vietnam Cashew Association (Vinacas).
Processing cashewnuts for exports in Binh Duong
Over the past 10 days the market price rose 15 cents and 10-20 cents per kilogram in China and Australia, respectively, Vinacas Vice President Nguyen Van Chieu told the media in Ho Chi Minh City on August 10.
He said cashewnut importers have high demands in the remaining months of the year due to the cold weather and the organisation of festivals, and domestic processors seize this opportunity to boost exports.
However, small processing plants are running short of raw materials for production, and in the face of shrinking acreage of cashew plantation, domestic businesses should export finished products rather than materials to increase export value, said Chieu.
In the past seven months, Vietnam shipped 104,712 tonnes of processed cashewnuts abroad, up 18.2 percent from a year ago. Despite an 11.5 percent fall in export price, an increase in export volume drove export value up 2.32 percent to reach US$713.35 million.
Vietnam aims to earn US$1.022 billion from cashewnut exports in 2012./.