After some delaying the opening of the Bissau government for cashew season, many producers were disappointed, especially those who were expecting to sell high prices to cover money for daily living.
Some cashew areas in Bissau such as Bolama, Bafata, Gabu ... have just harvested almost first crop in a sunny weather so the quality and moiture of cashew nuts are usually good. The second crop usually is harvested during the rainy season, so the quality assurance will be more difficult due to difficulties in drying the goods, high humidity, high spotted...
The Bissau government, the main factor of managing the season, has issued a series of measures and policies to support the marketing of cashew season this year, such as reducing the tax on the Minimum reference fob price from 950 usd / ton to 700 usd / ton with the reference farmgate price of 375cfa / kg. The new tax rates are detailed in the following table.
In addition, the Government of Bissau also reached an agreement to provide a financial package of 25 million USD for 5 Bissau commercial banks with an interest rate of 2% to support the season.
Prices in cashew regions increased slightly in some areas. In areas such as Biombo, Cacheu and Oio… Casshew is trading in the range of 250 - 300 CFA / kg ( 400-500 usd / ton) while in some other areas such as Gabu, Bafata, Bolama, Quinara and Tombali ... The trading price is about 200-250 CFA / kg (330 -400 usd / ton)
First crops cashew purchased, the initial quality is assessed to be quite good.
Bissau is one of the largest cashew production countries in west africa, with an annual production is 180,000 - 220,000 tons of raw cashew nuts. India and Vietnam are the two largest import markets of this West African country.
HUANG - ASIAFRI COMMODITY NEWS
