German market projected to bode well for Vietnamese cashew exports in 2022

Processing cashew for export. (Photo: VNA)

Hanoi (VNA) – Vietnam is forecast to see positive prospects for its cashew exports to Germany in 2022 thanks to higher demand in the market and advantages brought about by the EU-Vietnam Free Trade Agreement (EVFTA), the Ministry of Industry and Trade's Export and Import Department has said.

According to the agency, Vietnam is a top cashew exporter of Germany thanks to its stable supply and assured quality.

Per statistics from the International Trade Centre, due to COVID-19, in the first nine months of 2021, Germany imported from Vietnam 28,230 tonnes of cashew worth 201.21 million USD, down 1.7 percent in volume and 7 percent in value on-year. However, Vietnam's market share of the nut in Germany's total imports still increased to 62.46 percent, compared to 57.51 percent recorded in the same period last year.

The Vietnamese department said Germany is the largest cashew importer in the EU. Its demand for cashew continuously increases due to high demand from the local food processing industry and final consumers.

Data from the Mordor Intelligence showed that Germany’s cashew demand will rise by 4.1 percent annually on average during 2020 – 2025./.

VNA