The Cambodian Cashew Association (CAC) told the Khmer Times on Sunday that Cambodia exported 815,000 tonnes of cashew nuts worth more than $1.5 billion in 2024, up 31 percent.
Exports to Vietnam, meanwhile, remained flat at 793,453 tonnes.
Mr. Uon Silot, president of the Cambodian Cashew Association, said that so far, Cambodia has produced 850,000 tonnes of cashew nuts, up 26.8 percent.
“From January to December, Cambodia produced 850,000 tonnes of cashew nuts, exporting 815,000 tonnes worth $1.5 billion, up 31 percent compared to the same period last year,” he said.
He noted that cashew exports continued to increase as the association encouraged members across the country to dry cashew nuts when prices fell.
Prices began to recover in mid-March to April and then continued to rise in subsequent months.
The cashew sector has attracted strong interest from domestic and foreign investors. Recently, five major companies from South Korea have expressed interest in setting up cashew processing plants in Kampong Thom province for export abroad.
He added that this is a positive sign for the cashew sector.
I have received five Korean delegations, one through the Kampong Thom provincial administration and the other through the Council of Ministers.
These companies plan to build factories in industrial parks where land has been prepared for them, but the results of these discussions have not been finalized yet.”
He said that the companies that have come forward are those interested in buying large quantities of raw cashew nuts.
However, what has not been agreed upon is the payment method, as these companies want to make payments through a letter of credit (LC), which will take up to 90 days.
“We do not have enough funds to support such a large amount.
That is why we proposed a system where money goes into an account, otherwise we cannot buy raw materials.
Negotiations are ongoing and I hope we can reach a favorable agreement.”
Last week, Kampong Thom Governor Nuon Pharath met with a Korean delegation to discuss investment opportunities in cashew nut processing in the province. He noted that Kampong Thom’s cashew plantations cover 150,000 hectares, yielding an average of 1.5 tons per hectare per year, producing more than 220,000 tons, equivalent to 30 percent of Cambodia’s total production.
He said, “The meeting supports the vision of Prime Minister Hun Sen, who authorized the establishment of an agro-industrial park to transform Kampong Thom into Cambodia’s cashew nut processing hub.”
It is also worth noting that last week, Unique Noble Trading Co. Ltd. broke ground on a new cashew nut processing factory in Kampong Thom province, as Cambodia continues to expand its multi-billion-dollar industry.
Pin Phirom, CEO of Unique Noble, said the factory will process 30 tons of nuts per day and will create 200 to 400 jobs. She said the factory will also process cashew nuts and shells into oil and agricultural fertilizer.
Speaking at the closing ceremony of the Ministry of Commerce’s 2024 work results and 2025 work direction conference on Friday, Deputy Prime Minister and Minister of Economy and Finance Aun Pornmoniroth urged the Ministry of Commerce to promote strategies to strengthen existing markets and expand new ones.
He said, “Collaboration is necessary to strengthen local production and promote the use of Cambodian products through domestic and international exhibitions.
The Ministry of Commerce should also focus on increasing the registration of geographical indications and collective marks to improve the quality and brand of Cambodian products in both domestic and international markets.”
