The association said that 2019 had been a successful year for the country’s cashew industry, with cashew exports and raw cashew imports reaching 450,000 tonnes and 1.5 million tonnes respectively, exceeding set targets in the process.
It is expected that during the first six months of 2020, the price of raw and processed cashew nuts will fluctuate as a result of complicated developments occurring within the global economy, apart from ongoing trade tensions between the United States and China, as well as between the US and India.
Moreover, African countries such as the Ivory Coast and Mozambique have recently devised new policies aimed at tightening imports of raw cashew nuts.
At present, India is the largest consumer of cashew nuts globally with a population of approximately 1.3 billion people. The South Asian country is therefore applying tax policies aimed at limiting the quantity of cashew nuts imported, mainly from Vietnam.
Vinacas stated that they will continue to renovate machinery and equipment in a bid to increase processing capacity and efficiency, while simultaneously co-operating with cashew associations of various countries in order to produce and trade both processed cashew nuts and raw cashew nuts.
Furthermore, Vinacas also advised domestic enterprises to map out strategies aimed at boosting production, whilst adjusting their 2020 plans in accordance with market supply and demand.
Moreover, local firms should seek to enhance information exchanges with major businesses as a means of devising detailed plans to import raw cashew and supply processed cashew to the market.