(Ecofin Agency) - Guinea-Bissau’s government expects to export 150,000 tons of cashew by the end of the season, next September. This was announced by Vicente Fernandes, Minister of Trade and Handicrafts, who reported that 50,000 tons of nuts have already been shipped.
This volume is down 25,000 tons from the 175,000 tons exported last year. The poor performance is attributable to a decline in shipments toward India as the latter cut subsidy to the nut importers.
For the record, the 2018 marketing year started last March with a guaranteed producer price of CFA1,000/kg. In Guinea-Bissau, cashew sector provides nearly 80% of export earnings.