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Bissau Drops the Prices of its Largest Export to Spur Sales

Guinea-Bissau has set the farmgate price for cashews at $0.65 per kg for the April-to-September commercial campaign, a 28% decrease from the price last season, the government said Friday. Authorities also set the base tax for cashew exports at $850 per tonne. Cashews are Guinea-Bissau’s main export crop, accounting for more than half of the country’s export revenue in 2019. But prices were hit last year by the coronavirus outbreak, which disrupted supply chains and processing capacities. The West African nation produces around 200,000 tonnes of raw cashew nuts in a typical year, mostly for buyers in India, but exports declined to just under 160,000 tonnes in 2020 according to figures from the Ministry of Commerce and Industry. The country’s 2021 cashew marketing campaign officially kicks off on April 7.

SOURCE: REUTERS AFRICA

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