2010-05-11
According to Vinacas , country’s cashew sector is facing a shortage of nuts for processing as the output of the 2010 crop has fallen by 15 percent, or roughly 52,500 tonnes less than the 2009 crop.
Dang Hoang Giang, the general Secretary of the Vietnam Cashew Association (Vinacas), said that so far up to 80 percent of the cashew acreage has been harvested, but this has only produced 297,500 tonnes.
This was mainly due to prolonged hot and sunny weather which affects the plants growth, especially when it flowers, which subsequently results in fewer tonnes per acre.
Vietnam is the world's largest exporter of cashew nuts. However, the country always faces shortages and has to import a large volume of cashews, as local farmers can only supply 60 percent of the processors' demands.
With a 15 percent decrease in the cashew output, Vinacas forecasts that this year the country will have to import about 300,000 tonnes of raw cashew nuts, 50,000 tonnes more than 2009.
Vietnam imports its raw cashew nuts from the Ivory Coast, Cambodia, Nigeria, Indonesia, Guinea and Ghana. At present, 20,000 tonnes of cashew nuts are being shipped to Vietnam from the Ivory Coast.
According to the Ministry of Agriculture and Rural Development, in the first four months of this year, Vietnam exported 41,000 tonnes of cashew nuts, earning nearly $212 million, a year-on-year decrease of 7.7 percent in volume, but a 9 percent increase in export value.
Vinacas also forecasts that the export price for cashew nuts will see a hike in the next two or three months, perhaps even hitting $5,250 per tonne. The increase is due to a rise in demand for cashew products in the US, Europe and other major markets.
In early May, Vietnam exported cashew nuts at a price of $5,213 per tonne, $780 more than the same period last year.
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