Vietnam expects to export 150,000 tonnes of cashew nuts this year – some 48,000 tonnes less than last year, according to the Viet Nam Cashew Association (Vinacas).
This is despite a 300,000-tonne crop, equal to last year, Vinacas chairman Nguyen Thai Hoc said, according to Viet Nam News.
Mr Hoc said Vietnam exported over 107,500 tonnes of cashew nuts, worth US$857.17m, during the first eight months of this year. This is 13 per cent down in volume terms compared to the prior year period, but up 25 per cent in value terms.
Cashew prices reached an all-time high this year, he said.
"Despite the problems in the global economy, demand for cashew nuts has not gone down," Mr Hoc told Viet Nam News.
Cashew consumption in the Middle East and some other new markets increased during the first half of this year, he said.
Mr Hoc expects prices to continue to rise over the next four months, since volumes held by buyers are not high enough to meet expected demand.
Vietnam's cashew processors and exporters have faced problems of labour and capital shortages, as well as higher input costs this year, Mr Hoc said.