Tanzania’s Cashew Nut Industry Booming with New Exchange System
Tanzania’s cashew nut industry is experiencing a significant boost with the introduction of the Tanzania Mercantile Exchange (TMX) for selling raw cashew nuts. This new system ensures quality, quantity, and timely delivery for buyers, as well as guaranteed payments for sellers, particularly benefiting farmers in the southern regions of Mtwara and Lindi.
Recent auctions have seen a surge in prices, with a kilogram of raw cashew nuts selling at $1.53, a 38 percent increase from previous years. The Cashew nut Board of Tanzania expects to export more nuts abroad and is focusing on maintaining high-quality produce to meet the global demand.
Despite challenges such as poor regulation and unreliable payments, Tanzania remains one of the largest cashew producers in Africa, earning significant foreign exchange revenue. The government is working to address issues within the industry, including taxes and levies, to support the growth and development of the sector.
With the introduction of the TMX and efforts to improve the industry, Tanzania’s cashew nut sector is on a path to further success and profitability in the global market.
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