Cashew export predicted to earn 3 billion USD hinh anh 1Illustrative image (Source: VNA)

Hanoi (VNA) – Vietnam’s cashew export in 2017 is hoped to reach 3 billion USD, an increase of 160 million USD from 2016, according to the Vietnam Cashew Association (VINACAS).

According to VINACAS, Vietnam’s current cashew tree area is about 300,000 hectares, mainly in the southern provinces of Binh Phuoc, Dong Nai and Ba Ria Vung Tau.

However, 2017 cashew output is forecast to be about 300,000 tonnes, 150,000 tonnes less than in 2016 and 250,000 tonnes lower than initial estimates.

The ENSO phenomenon (a combination of El Nino and La Nina) and a shorter dry season were cited as the main reasons for the drop in cashew output.

In order to achieve the export goal, enterprises plan to import some 200,000 tonnes of raw cashew for processing.

VINACAS advised the sector, especially cashew trading firms, to instruct farmers on intensive cashew farming to enhance output and quality while linking up with State, scientists, business partners and farmers to develop stable material growing zones.

The General Statistics Office reported that total cashew exports hit 18,000 tonnes in January 2017, bringing home 164,000 USD, down 27.8 percent in volume and 12.6 percent in value year-on-year.

Vietnam exported 347,000 tonnes of cashew last year, earning 2.84 billion USD, up 5.6 percent in volume and 18.4 percent in value annually.

The US is the largest importer of Vietnamese processed cashew, accounting for 35 percent of the total. Europe makes up 25 percent, followed by China with 18 percent.-VNA