News detail

Cashew Prices Rally as Farmers Grow Rubber

News detail:

The price of cashew nuts, which are now being harvested, have increased nearly 80 percent from the same time last year, as many farmers who once grew the crop have decided instead to plant rubber trees, cashew traders say. Srey Sopheap, a cashew trader in Kampong Cham province’s Chamkar Loeu district, said the price for a kilogram of in-shell cashews had risen to 5,000 riel from 2,800 riel last year.“The price of cashews is higher than last year for the start of the harvesting season,” she said, adding that demand from Vietnam, where there is a large processing industry, was still robust.

 


Despite the rise in prices, Cambodia is still losing out to other countries, such as India, where cashews are processed, packaged and exported abroad. A report released by the International Finance Corporation, European Union and Ministry of Industry, Mines and Energy in December shows that the cashew industry could spur revenue of at least $30 million a year if the country’s estimated 60,000 tons of cashew produce were processed locally.

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The Cambodia Daily, February 09, 2011, page 31, by Hul Reaksmey

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Post date:

2011-08-23