The recent rise in cashew prices has signalled a race to export cashews in the remaining months of the year.
According to Chairman of the Cashew Association of the southern province of Dong Nai (Donacas) Nguyen Thai Hoc, prices of exported cashew nuts averaged less than 6,300 USD per tonne in the first two quarters of 2013 but rose to 7,600 USD per tonne in early August.
From October to the pre-harvest period in March next year, cashew export should perform well. Prices will be higher than those in the second and third quarters but surges are unlikely to happen, Hoc predicted.
Vietnam exported 168,000 tonnes of cashew nuts worth 1.07 billion USD in the first eight months of this year, rising by 18 percent in volume and over 10 percent in value year-on-year.
Statistics from Donacas show that its member manufacturers need around 130,000 – 150,000 tonnes of raw cashew each year. However, domestic sources are capable of supplying only half of that amount, the remainder is imported.
At present, domestic supplies are not abundant and the amount of imported raw cashew is only about 70 percent that of last year, since importers are encountering difficulties in borrowing capital. As such, Donacas has urged its members to make good material preparation for the pre-harvest period.