Phnom Penh, March 14, 2024: In a move to address the concerns surrounding the cashew price chain, an emergency meeting was convened on March 13, 2024, by Dr. Yang Saing Koma, Secretary of State of the Ministry of Agriculture, Forestry and Fisheries, and Varuth San, Secretary of State of the Ministry of Commerce. The session was aimed at evaluating the current challenges and formulating strategic solutions to stabilize the cashew market.

The meeting, held at the Ministry of Commerce, saw the participation of a wide array of stakeholders including deputy chairpersons, cabinet members, the Deputy Prime Minister, Deputy Governor of the Cashew Federation, representatives from the private sector, and other concerned parties.

Central to the discussions were the various factors influencing cashew prices, including climatic conditions, agricultural inputs, export demand, tariff barriers, as well as aspects of cashew production, trade, the global economy, and domestic processing capabilities.

The analysis presented during the meeting highlighted a decline in the quality and quantity of Cambodian cashews in 2024 compared to the previous year, attributing this downturn to the impact of El Niño on the price of wet cashew nuts. Additionally, the meeting delved into the national policy on cashew nuts, exploring financial sources and loan options to support the purchase of cashew nuts in an effort to stabilize prices and sustain the domestic processing chain.

Following thorough discussions, the joint working group resolved to maintain close monitoring of the situation, collaborating with stakeholders to collect comprehensive data and consider potential measures. These efforts aim to enhance production, expand markets, and ensure the stabilization of cashew prices, reflecting the commitment of both ministries to support the cashew industry and safeguard the interests of farmers and stakeholders involved.