Vietnam RCN price begins on a upward bias

March 15, 2017

Press release on the business and production of cashew business in 2017 of the Vietnam Cashew Association (Vinacas) issued on March 15 afternoon, said from the beginning of the season to now Raw cashew is constantly increasing and about 30% higher than the same period last year.

The situation is similar to that of imports. Specifically, according to Vinacas, last week the price of imported raw materials was US $ 1,850 a tonne, which rose to US $ 2,000 per ton this week, up by US $ 150 per tonne.

In February, Vinacas has a field trip to cashew growing to assess cashew yield this year. According to Vinacas, some local cashew growers in Lam Dong and Binh Thuan are affected so the output in these provinces may decrease by 80% compared to the previous season.

However, in provinces such as Binh Phuoc (the province with the largest area of ​​cashew), Dong Nai (just behind Binh Phuoc) or Ba Ria-Vung Tau, cashew production is not affected by pests. Therefore, in general, this year's output of raw is not affected much.

According to Vinacas, each year the world produces 3 million tons of raw cashew nuts and this year's forecast remains at that level. In 2016, Vietnam processed 1.5 million tons of raw cashew, equivalent to 50% of global output and exported 348,000 tons, earning $ 2.84 billion.

In the first two months of this year, cashew nut export value was US $ 255 million, more than 3% over the same period. Explaining this, according to Vinacas, export value decreased not due to market but because enterprises have long Lunar New Year holidays so exports also halted during this period.

Source: TBKTSG