Cashew exporters need $400m for importing materials

Vietnam Cashew Association (Vinacas) announced that by the end of 2011 crop, the cashew production output in largest cashew cultivation area of Binh Phuoc province reduced by 20,000 tonnes or 15 percent against that of last year. The Vietnamese cashew processors will have to import 400,000 tonnes of raw materials valued at about $400 million.

Vinacas’ vice chair Nguyen Duc Thanh stated that the price of raw cashew increased by 60-70 percent against last year. At present, the import price for raw cashew from Ivory Coast was posted at $1,400 per tonne.

Meanwhile, the cashew exporters have faced much difficulty because of high world price and slumping production output. In addition, the domestic firms find it hard to access bank loans due to high lending rates at 21-22 percent per year.

The cashew industry still set targets to obtain total export turnover of $1.4-1.5 billion in 2011.

Tags: Vietnam cashew, Vietnam Cashew exports

Posted by VBN on May 28 2011. Filed under Import-Export. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry