Markets
Prices, Others Threaten Cashew
- Prices, Others Threaten Cashew
Falling international prices and reduced demand for Nigerian cashew are threatening government’s projected foreign exchange (forex) earnings from the produce, it was learnt yesterday.
Speaking in Lagos, the National President, Federation of Agricultural Commodity Association of Nigeria, Dr Victor Iyama said the country was aiming to exceed its $402 million from cashew exports this year.
According to him, international prices for cashew have dipped since March following massive production from Tanzania, India Vietnam and other major producers.
Raw cashew prices in the global market fall between $ 1500 and $2,100 per ton. The rates had come down to between $1,800 and $2,000 per ton by May, and declined further to between $1,600 and $1,800 by end-June.
As a result, international buyers have objected to high prices. In the declining market, he said exporters have also been buying limited volumes.
He said cashew nut exporters are seeing a slump decline in sales as exporters try to get out of contracts following a drop in world prices.