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Cashew industry fulfils yearly plan, facing falling prices
The cashew industry exported 122,140 tonnes of cashew nuts by the end of September, earning 687 million USD, exceeding the target of 680 million USD, according to the Viet Nam Cashew Association (Vinacas).
However, cashew processing enterprises are facing falling prices as impacts of the global financial crisis.
The purchasing power of their key markets - the US and EU - decreased, resulting in the reduction by 2 USD per kg of cashew nuts to 5.5-5.7 USD as compared with those in July and August.
On Oct. 23, Vinacas presented a proposal to the Prime Minister to postpone the date for tax payment to the end of June 2009, extend loans’ durations to the end of the first quarter of 2009, and reduce lending interest rates in Vietnamese dong and USD.
In 2007, the industry exported 153,000 tonnes of nuts, earning 650 million USD, leading the world in cashew export sales for the second time.
Vietnamese cashew were shipped to 40 countries and territories including the US , China , Holland , Australia , England and Germany . Of them, the US was the largest importer, taking over 30 percent of the country’s total cashew exports.
Viet Nam became the world’s No. 1 cashew exporter for the first time in 2006, 15 years after entry into the international market.
VNA
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