Cashew exports enjoy strong growth in Chinese market
According to figures released by the Department of Agro Processing and Market Development (Agrotrade), Vietnam raked in US$322 million through the export of 47,000 tons of cashew nuts in August.
During the first eight months of the year, the country was able to export 287,000 tons of cashew nuts, earning a total of US$2.1 billion in the process, a rise of 18.8 per cent in volume, but a drop of 7.3 per cent in value against the same period from last year.
The average export price of domestic cashew nuts fell 21.9 per cent to US$7,468 per ton in comparison to last year’s corresponding period.
The US, China, and the Netherlands are the three largest consumers of Vietnamese cashew during the year to date, representing market shares of 32.7 per cent, 15 per cent, and 9.6 per cent of total cashew exports, respectively.
Indeed, the exports of cashew to the US, the largest consumption market, saw a decline of 4 per cent in volume and 25.7 per cent in value.
According to statistics from the US International Trade Commission, the average cashew import price of the US during the eight months fell 19.8 per cent to US$8,211 per ton against the same period last year. The average import price of local cashew in the US market dipped 19.9 per cent to US$8,169 per ton.
Meanwhile, the nation’s cashew export revenue soared within the Chinese market with a rise of 53.2 per cent in volume and up 31.1 per cent in value.
This increase in China’s imports of Vietnamese cashew is attributable to an escalation in US-China and US-India trade tensions, according to Agrotrade.
To date, China has spent more than US$2 billion importing cashew nuts and cashew. This figure can be seen as the country’s processed cashew nuts sold in the Chinese market over the past 10 years has always accounted for between 13 per cent and 15 per cent of the nation’s output of cashew nuts.
Despite this, the Southeast Asian nation’s export of cashews to China last year reached only US$450 million, making up only 20- 25 per cent of China’s total import turnover. This therefore represents huge potential to increase both the cashew volume and export turnover to the Chinese market in the future.
Related News
Opportunity for exporting to Thailand market
14:48 | 27/04/2024 Import-Export
Vietnam's exports to Canada lead among CPTPP countries
09:41 | 25/04/2024 Headlines
Efforts to supply US $ one billion of raw materials and cosmetics to replace imported goods
06:14 | 28/04/2024 Import-Export
Many new regulations aim to drastically remove the IUU "Yellow Card"
15:36 | 24/04/2024 Headlines
Latest News
Developing a strong brand contributes to increased export revenue
07:49 | 29/04/2024 Import-Export
Export turnover reaches over US$200 billion in the first half of April
15:04 | 28/04/2024 Import-Export
Experts call for efforts in protecting IP rights
15:02 | 28/04/2024 Import-Export
Policies needed to encourage e-commerce to embrace circular economy
15:00 | 28/04/2024 Import-Export
More News
To maintain its billion-dollar export position, forestry and fisheries enterprises propose additional credit limits
06:15 | 28/04/2024 Import-Export
Ample room for Quang Ninh to attract FDI
19:47 | 27/04/2024 Import-Export
Vietnam’s rice exports may exceed 2024 target
19:46 | 27/04/2024 Import-Export
Enterprises want clearer regulations on seafood production
14:05 | 26/04/2024 Import-Export
Vietnam ranks fifth among aquatic product suppliers for Singapore
13:53 | 26/04/2024 Import-Export
Forum seeks to increase PPP investment effectiveness
13:48 | 25/04/2024 Import-Export
Linking businesses with cooperatives to increase the value chain
09:42 | 25/04/2024 Import-Export
Vietnam has a trade deficit of over US$17 billion with China
15:34 | 24/04/2024 Import-Export
Tra fish export to UAE jumps 67% in Q1
13:46 | 24/04/2024 Import-Export
Your care
Developing a strong brand contributes to increased export revenue
07:49 | 29/04/2024 Import-Export
Export turnover reaches over US$200 billion in the first half of April
15:04 | 28/04/2024 Import-Export
Experts call for efforts in protecting IP rights
15:02 | 28/04/2024 Import-Export
Policies needed to encourage e-commerce to embrace circular economy
15:00 | 28/04/2024 Import-Export
To maintain its billion-dollar export position, forestry and fisheries enterprises propose additional credit limits
06:15 | 28/04/2024 Import-Export