Vietnam pause to import Raw cashew nuts due to high prices
According to Dang Hoang Giang, Vice President of Vinacas, the price of raw cashew nuts in Africa has been blown. Specifically, the price of raw cashew nuts increased 30-40% while the price of cashews on the world market increased only about 10-15%. In 2017, the average price of imported raw materials is $ 1,956 / ton, the highest ever.
End-of-season crude prices in Africa are also rising in the first two months of the year. Due to the high price of raw cashew nuts, Vietnamese companies have temporarily stopped importing raw cashew nuts. Indian businesses have also made similar moves. Facing this situation, many forecasts show that, from March 15 onwards, the price of raw African rice will have to drop.
However, Ta Quang Huyen, Chairman of the Board of Hoang Son 1 Co., Ltd. said that even if the price of raw materials has decreased, Vietnamese enterprises do not need to import too much raw as 2017 ( over 1.3 million tons) with just 900,000 tons to 1 million tons.
According to Mr. Huyen, this year, weather conditions are quite favorable for cashew and fruit trees, so it is likely that the cashew in Vietnam will reach a good yield, can reach 400,000 to 500,000 tons. Similarly, the Cambodian cashew has many advantages, which can help Vietnamese cashew producers reduce import pressure from Africa.
Due to the volatile material situation, Vinacas and its member businesses have agreed to increase the quantity, focus on processing and develop the domestic market. Accordingly, the cashew industry targets to export cashew nuts in 2018 to 300,000 tons, instead of 362,700 tons as in 2017. This corresponds to a turnover of $ 3 billion in 2018, lower than 3.62 billion dollars compared with the previous year.
Setting up "reverse" as above may cause the agency to be dissatisfied. However, "In addition to reducing the price of raw materials to buy a reasonable level of about $ 1,800 / ton, the industry is no longer reducing prices. Therefore, if trying to increase export turnover in 2018 to $ 4 billion by purchasing materials at high prices as of 2017, the business only left a loss. In fact, we can not affect the selling price of cashew kernel depends on the market demand, "said Nguyen Duc Thanh, chairman of Vinacas.
In order to shorten supply and demand for raw materials for processing, Vinacas is cooperating with the Cambodian Ministry of Agriculture, Forestry and Fisheries to develop raw material areas, aiming to increase output to 1 million tons in the next 10 years. /.
According to Dang Hoang Giang, Vice President of Vinacas, the price of raw cashew nuts in Africa has been blown. Specifically, the price of raw cashew nuts increased 30-40% while the price of cashews on the world market increased only about 10-15%. In 2017, the average price of imported raw materials is $ 1,956 / ton, the highest ever.
End-of-season crude prices in Africa are also rising in the first two months of the year. Due to the high price of raw cashew nuts, Vietnamese companies have temporarily stopped importing raw cashew nuts. Indian businesses have also made similar moves. Facing this situation, many forecasts show that, from March 15 onwards, the price of raw African rice will have to drop.
However, Ta Quang Huyen, Chairman of the Board of Hoang Son 1 Co., Ltd. said that even if the price of raw materials has decreased, Vietnamese enterprises do not need to import too much raw as 2017 ( over 1.3 million tons) with just 900,000 tons to 1 million tons.
According to Mr. Huyen, this year, weather conditions are quite favorable for cashew and fruit trees, so it is likely that the cashew in Vietnam will reach a good yield, can reach 400,000 to 500,000 tons. Similarly, the Cambodian cashew has many advantages, which can help Vietnamese cashew producers reduce import pressure from Africa.
Due to the volatile material situation, Vinacas and its member businesses have agreed to increase the quantity, focus on processing and develop the domestic market. Accordingly, the cashew industry targets to export cashew nuts in 2018 to 300,000 tons, instead of 362,700 tons as in 2017. This corresponds to a turnover of $ 3 billion in 2018, lower than 3.62 billion dollars compared with the previous year.
Setting up "reverse" as above may cause the agency to be dissatisfied. However, "In addition to reducing the price of raw materials to buy a reasonable level of about $ 1,800 / ton, the industry is no longer reducing prices. Therefore, if trying to increase export turnover in 2018 to $ 4 billion by purchasing materials at high prices as of 2017, the business only left a loss. In fact, we can not affect the selling price of cashew kernel depends on the market demand, "said Nguyen Duc Thanh, chairman of Vinacas.
In order to shorten supply and demand for raw materials for processing, Vinacas is cooperating with the Cambodian Ministry of Agriculture, Forestry and Fisheries to develop raw material areas, aiming to increase output to 1 million tons in the next 10 years. /.
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