VINACAS: cashew import from Africa halts due to high pricesVietnamese importers have stopped buying raw cashew from Africa due to high prices, a representative of the Vietnam Cashew Association (VINACAS) said at a conference in HCM City on February 27. VINACAS President Nguyen Duc Thanh speaks at the conferenceDang Hoang Giang, VINACAS Vice President, said raw cashew prices in Africa climbed 30 – 40 percent to a record 1,956 USD per tonne last year, while cashew nut prices grew only 10-15 percent in the global market. The increasing trend continued in February, therefore Vietnamese importers stopped buying cashew from the country, as did Indian firms. Amid the changes in raw cashew prices, VINACAS and its members will focus more on increasing quality, processing and developing the domestic market. Firms will face losses if they buy raw cashew at high prices to fulfill the target export value of 4 billion USD in 2018, Nguyen Duc Thanh, VINACAS president explained.

Source: VietNamNet News February 28, 2018 03:45 UTC