Classifying cashew nuts at Nguyen Thong company, Tuy Hoa city, Phu Yen. (Photo: VNA) Talking to the press in Ho Chi Minh City on October 10, Vinacas Chairman Pham Van Cong said the exports faced many difficulties in the first half due to the impact of inflation, economic recession, and conflicts between countries. However, from the third quarter onwards, the market has been picking up, with the two major ones – the US and China – increasing their imports contributing to the growth in both export volume and value.
Between January and September, 456,000 tonnes of cashew nuts were sold abroad for 2.6 billion USD, up 19.6% and 14.3% year-on-year, respectively.
According to the association, the demand for cashew nuts in the last three months of the year will increase in all markets, especially the US and the EU, to meet holiday and festive season demand, driving further growth in Vietnam’s exports of the product.
However, while the market outlook is promising, Vinacas has also noted an increasing number of incidents where shipments are flagged by importers due to pests and pesticide exceeding permissible levels.
Vinacas Standing Vice Chairman Bach Khanh Nhut said this not only affects individual businesses but also tarnishes the reputation of the entire Vietnamese cashew industry. This is also the reason why the export prices of the Vietnamese nuts are currently lower than those from India./.
VNA
