Price of cashew nuts surges high during Tet
The average price of cashew nuts increased by VND30,000 per kilo to VND280,000 as many processing plants in Binh Phuoc province have bought a large quantity of raw cashew nuts to meet the increasing demand during the traditional Lunar New Year (Tet) while supplies were limited.
The Ministry of Agriculture and Rural Development says the price of cashew nuts will continue upward trend due to limited supplies in the crop period.
Cashew nut exports jumped 73% in volume to nearly 31,000 tons and 94% in value to US$317 million in January this year. The average export price hit US$10,254 per ton, up 1.3% compared to December last year.
The US remained the largest importer of Vietnam cashew nuts with 9,238 tons, trailed by the Netherlands and China. Cashew nuts exports to these markets are forecast to maintain a stable growth thanks to their rebounded economy and improved consumption demands.
With an export value of US$3.52 billion last year, Vietnam remained the world’s biggest cashew nuts processor and exporter. This year, the sector will focus on improving the product quality, processing technique and domestic market development.
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