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Vietnam’s cashew exports are likely to increase in the remaining months of the year, prompted by surging demand, cashew firms have said.

Vietnam’s cashew exports are likely to increase in the remaining months of the year, prompted by surging demand, cashew firms have said.

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).

The Vietnam Cashew Association (Vinacas) has recommended cashew processing enterprises remain calm and try not to sell off their products to avoid potential losses.

Cashew exports are expected to surge in the latter half of the year once the COVID-19 pandemic is put under control.

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 stood out as the world’s largest cashew exporter last year but there remains many challenges ahead for the country to retain its leading position in the future.

T&T Group defeated won a bidding to purchase more than 13,600 tonnes out of over 20,000 tonnes of raw cashew nuts from Tanzania at an auction session held by the Tanzanian government on October 31.

The Vietnam Cashew Association (Vinacas) has recently held a conference to review the industry’s performance in the first seven months of 2019 and seek solutions to the problems facing it.

Orientations to develop Binh Phuoc cashew nut brand was the focus of discussion at a meeting between representatives from the People’s Committee of southern Binh Phuoc province, the Dutch Embassy and the Ministry of Agriculture and Rural Development on June 14.

Domestic cashew processing enterprises have been facing difficulties due to a new regulation that requires additional checks on raw materials imported from African ports.

Vietnam faces a possible return to a trade deficit this year after three years of enjoying surpluses, experts said pointing to the sharp rise in imports and increasing difficulties facing exports.

Unseasonal rains and the bitter cold spell in recent days may result in an outbreak of disease for cashew nut plants in Binh Phuoc province, which is dubbed Vietnam’s cashew capital.

The domestic cashew industry would continue to face difficulties in processing and trading cashew nuts next year, according to the Vietnam Cashew Association (Vinacas).

Vietnam’s cashew industry would need to restructure production and processing in order to ensure enough raw materials for sustainable development, according to experts.

Price stability is needed to ensure sustained growth of the cashew nut market and benefits for stakeholders in the cashew value chain, participants said at the 10th International Conference on Cashew in northeastern Quang Ninh province at the weekend.

The shortage of capital is hampering the operation of many small cashew factories in Vietnam.

The ongoing US-China trade war will greatly impact on the structure of the world economy in the future, causing damage but also generating indirect opportunities for countries where the economy relies heavily on agricultural production like Vietnam.

Vietnam exported over 140,000 tonnes of cashew in the first five months of this year, raking in more than 1.39 billion USD.

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.