Cashew exports may bring Mozambique tax revenues of US$33 million

The current cashew marketing year in Mozambique could provide a tax revenue of US$33 million resulting from the export of 110,000 tons of raw nuts, said the president of the Association of Cashew Manufacturers (Aicaju).

Mohamed Yunus, who made an upward revision of cashew production in this campaign from 120,000 thousand tons expected by government entities to 150,000 tons, said that of this amount 40,000 tons would remain in Mozambique to supply the industrial units in operation.

The amount of tax revenue mentioned by the President of Aicaju is based on Mozambique applying a surcharge of US$300 for each ton of cashew nut that is exported raw.

In turn, the companies involved in the marketing and export of raw nuts should earn about US$200 million before deducting costs of transport, handling at warehouses and other expenses.

The benchmark price of the nuts currently stands at just over US$4.0 a pound on the international market, while the domestic market price recently hit a record of 90 meticais (US$1.2) per kilo.

The cashew industry in Mozambique collapsed about 20 years ago due to proposals by the World Bank that recommended the liberalisation of export of raw nuts.

Source: http://www.macauhub.com.mo