Vietnam Looks for Higher Cashew Export Prices in 2008
Vietnamese exporters are looking for sharp increases in cashew nut prices during 2008 when the world’s cashew consumption is predict to rise by 4%, the Ministry of Industry and Trade.
Export prices of cashew nuts are expected to average $4,400-$4,500 a ton this year. Vietnam exported cashew nuts at $4,498 a ton in November 2007, up by 1.37% from September, 12% from early months of 2007, and 12.7% from November 2006.
Vietnam shipped 155,000 tons of cashew nuts worth $640 million in 2007, up from 127,000 tons and $504 million, respectively, in 2006.
According to the ministry, Vietnam is now holding 50% of the world market share and the world’s biggest cashew nut exporter.
According to the Plantation Department under the Ministry of Agriculture and Rural Development, the country currently has 437,000 hectares under cashew cultivation.
The department has called on the government and relevant agencies to help farmers grow cashew and expand the plantation area to 450,000 hectares in early 2010 while improving the productivity to 3 or 4 tons per hectares. (Vietnam Economic Times)
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