As cashew exports in the first half of 2022 fell by 9.2% against the same period last year, the Vietnam Cashew Association (VCA) has to adjust down its annual export target to 3.2 billion USD.
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.
Vietnam imported nearly 1.2 million tonnes of raw cashew nuts worth 1.9 billion USD in the first four months of this year, increases of 300 percent and 323.5 percent year-on-year, according to the General Statistics Office.
In the past 30 years since the establishment of the Vietnam Cashew Association (Vinacas), cashew exports have reached more than 31 billion USD, according to insiders.
In 2020, despite adverse impacts from COVID-19 pandemic, Vietnam's cashew exports in the first 10 months of 2020 exceeded 422,000 tonnes, up 12% year-on-year.
Despite the difficulties posed by the COVID-19 pandemic, Vietnam’s cashew exports in the first half of the year increased by 16 percent in volume year-on-year and 1 percent in value to 232,000 tonnes and nearly 1.53 billion USD, according to the Vietnam Cashew Association (VINACAS).
Vietnam’s cashew exports to the US in the first two months of the year rose by 21 percent in volume to 17,900 tonnes and 3.6 percent in value to 126.2 million USD year-on-year, according to the General Department of Customs.
Vietnam exported 42,199 tonnes of cashew nuts worth 327 million USD to China in the first eight months of 2019, up 60.8 percent in volume and 35.4 percent in value year-on-year, according to the Ministry of Industry and Trade.
Vietnam’s cashew industry would need to restructure production and processing in order to ensure enough raw materials for sustainable development, according to experts.
Vietnam exported 141,000 tonnes of cashew in the first five months of 2018, raking in more than 1.39 billion USD, reported the Import-Export Department under the Ministry of Industry and Trade.
The cashew sector enjoyed sharp year-on-year rises in export volume and value in the first three months of this year at 31 percent and 43.6 percent respectively thanks to higher quality and price.
The export turnover of 353,000 tonnes of cashew in 2017 touched 3.52 billion USD, the highest level ever recorded, according to the Ministry of Agriculture and Rural Development.
Cashew exports fetched 2.2 billion USD in the first eight months of 2017, a rise of 24.9 percent from the same period last year, according to the Ministry of Agriculture and Rural Development.
About 500,000 tonnes of material cashew nuts will be imported from now to October to serve processing and meet the targeted export volume of 360,000 tonnes of cashew nuts this year.
Vietnam’s cashew processing sector aims to export 360,000 tonnes of cashews for 3.3 billion USD in 2017, a year-on-year increase of 2.8 percent in volume, according to the Vietnam Cashew Association.
The cashew sector is expected to earn a record of 2.7 billion USD from export of 300,000 tonnes of processed cashew nuts this year, according to the Vietnam Cashew Association.
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