Cashew Prices Down 40% as Demand sinks
New limitations on Vietnamese exports of processed cashews and slowing demand on the international markets is expected to decrease the price of raw cashews by roughly 40 percent this year, sparking concerns among Cambodian farmers, who are now midway through the harvest season, traders and farmers said yesterday. … Farmer Sreng Chea of Kompong Cham said he had been selling his crop of cashews for 3,500 to 4000 per riel per kg, compared to 6,000 riel per kg last year. The price drop comes in part as Vietnam, the world’s largest cashew exporter, will limit its exports this year in an effort to deal with quality issues brought on by poor weather, Vietnamese state-owned media reported Nguyen Thai Hoc, chairman of the Vietnam Cashew Association, as saying on Wednesday. This move will, in turn, decrease Vietnamese demand for raw cashews. …
