ID :
14620
Sat, 08/02/2008 - 09:19
Auther :
Shortlink :
http://m.oananews.org//node/14620
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Boom in cashew prices brings in 490 million USD
Hanoi (VNA) - Vietnam earned 490 million USD from exporting 81,000 tonnes of cashew in the first seven months this year, up 2.2 percent in volume and around 50 percent in value from a year earlier, reported the General Office of Statistics.
Nguyen Anh Phong from the Institute of Policy and Strategy for Agricultural and Rural Development (IPSARD) estimated that the cashew industry would possibly notch up an export value of 850 million USD by theend of this year, a year-on-year increase of 45 percent.
The figure of 850 million USD is much higher than earlier expected surpassing the industry's anticipated export revenue for 2010 which was amere 670 million USD.
Phong attributed the high export turnover to the cashew price hike on theglobal market and better quality of Vietnamese cashew products.
In 2006, Vietnam overtook India to become the world's leading cashew exporter, supplying 40 percent of total global demand, tapping into 40nations and territories.
To improve cashew quality, producers invested more than 150 billion VND (9million USD) in advanced processing technologies over the past year.
Basing on this uptrend, the cashew sector updated its 2010 export target to1 billion USD.
Vietnam now has 220 cashew processors with a total capacity of600,000-700,000 tonnes per annum.
The national yield of unprocessed cashew has fallen beyond the total demand for local consumption and exports. To fill up the shortage, since 1999, Vietnam has had to import unprocessed cashew, and import volumes hit200,000 tonnes last year. It is expected to reach 250,000 tonnes this year.
Vietnam has around 350,000 ha of high-yield cashew, mainly insouth and central highlands provinces.
However, the sector is facing the danger of shrinking plantations due to land being used for products such as rubber, coffee and tea among others,Hoc said.
In addition, the local association has urged the Government to provide about 50 billion VND (3 million USD) to help farmers expand cashew plantations and attain world-class GAP (good agricultural practices) standards.-Enditem
Nguyen Anh Phong from the Institute of Policy and Strategy for Agricultural and Rural Development (IPSARD) estimated that the cashew industry would possibly notch up an export value of 850 million USD by theend of this year, a year-on-year increase of 45 percent.
The figure of 850 million USD is much higher than earlier expected surpassing the industry's anticipated export revenue for 2010 which was amere 670 million USD.
Phong attributed the high export turnover to the cashew price hike on theglobal market and better quality of Vietnamese cashew products.
In 2006, Vietnam overtook India to become the world's leading cashew exporter, supplying 40 percent of total global demand, tapping into 40nations and territories.
To improve cashew quality, producers invested more than 150 billion VND (9million USD) in advanced processing technologies over the past year.
Basing on this uptrend, the cashew sector updated its 2010 export target to1 billion USD.
Vietnam now has 220 cashew processors with a total capacity of600,000-700,000 tonnes per annum.
The national yield of unprocessed cashew has fallen beyond the total demand for local consumption and exports. To fill up the shortage, since 1999, Vietnam has had to import unprocessed cashew, and import volumes hit200,000 tonnes last year. It is expected to reach 250,000 tonnes this year.
Vietnam has around 350,000 ha of high-yield cashew, mainly insouth and central highlands provinces.
However, the sector is facing the danger of shrinking plantations due to land being used for products such as rubber, coffee and tea among others,Hoc said.
In addition, the local association has urged the Government to provide about 50 billion VND (3 million USD) to help farmers expand cashew plantations and attain world-class GAP (good agricultural practices) standards.-Enditem
