Export cashew prices on the up as global prices rise.
Local cashew nut prices have seen a spike in recent times and reached a ten-year record high, primarily due to higher global prices.
According to Vietnam News Agency, one kilo of raw cashew nuts now sells for VND32,000 ($1.4) while one kilo of dried cashew nuts fetches VND40,000 ($1.8) - the highest prices in a decade.
Mr. Nguyen Duc Thanh, Chairman of the Vietnam Cashew Association (Vinacas), said that cashew exporters are also buying cashew nuts from local farmers at higher prices.
“Exported cashew prices are rising due to global price increases,” he said. “Vietnamese cashews are also of good quality and popular in foreign markets.”
Growers in key cashew cultivation areas in southern and central highlands provinces began to harvest their cashew nuts in early March.
Mr. Tran Van Thi, a cashew grower in the central highlands province of Dak Nong, said that one kilo previously sold for about VND20,000 ($0.9) but has now increased by VND10,000 ($0.4).
“With these higher prices a cashew growing household can now earn from VND90 million ($4,050) to VND100 million ($4,500) per hectare, and after deducting expenses and costs receive from VND70 million ($3,150) to VND85 million ($3,825) in profit,” Mr. Thi said.
Ms. Nguyen Thi Hue, who owns a 2-hectare cashew plantation in southern Binh Phuoc province’s Dong Xoai commune, said this season she has collected about four tonnes of cashew nuts and received numerous orders from cashew traders. She expects to earn a profit of $4,500 from this year’s crop.
According to figures from Vinacas, in the first two months of this year Vietnam exported 37,000 tonnes of cashews with total revenue of $280 million, an increase of 11 per cent compared with the same period last year.