Cashew industry faces huge challenges
Illustrative image (Photo: VNA)
Vietnam exported over 206,000 tonnes of cashew nuts worth 1.19 billion USD in the first five months of 2022, down 7.81% in volume and 6.81% in value, the Vietnam Cashew Association (VINACAS) reported.
Although the turnover decreased, the average export price increased by 1.45% compared to the same period in 2021, reaching about 5,792 USD per tonne.
According to VINACAS, the cashew industry is facing many difficulties due to an unfavorable world market.
Exports for the whole year are likely to be lower than in 2021, it said.
During the reviewed period, Vietnamese cashew businesses imported about 968,000 tonnes of raw cashew nuts with a total value of nearly 1.4 billion USD, down 35.24% in volume and 37.84% in value.
However, the price of raw cashew imported from Africa increased by 15-20 percent this year compared to the same period last year.
The cashew crop this year came later due to the effects of climate change. There were also signs of pests and diseases in major cashew growing areas.
The price of raw cashew nuts and the cost for processing are high, making it difficult for processing factories to break even, said Tran Van Hiep, Vice Chairman of VINACAS.
According to Hiep, the Russia-Ukraine conflict and global inflation are affecting Vietnam's exports of cashew nuts.
Last year, Russia was the 11th largest importer of Vietnamese cashew nuts with an export value of nearly 62 million USD. Since the Russia-Ukrainia conflict occurred, exports to Russia have faced payment difficulties.
Increasing inflation in many countries, along with the zero-COVID policy of China - one of Vietnam's major export markets – have also adversely affected the export of cashew nuts and other agricultural products from Vietnam, experts said.
Exports in 2022 are forecast to face more difficulties due to high shipping costs, they noted.
Vietnam is set to earn 3.8 billion USD from exporting cashew nuts in 2022, 200 million USD higher than last year, Hiep said.
However, in the current context, VINACAS has proposed to adjust the goal to 3.2 billion USD, down 400 million USD compared to 2021./.
Related News
HCM City: Export production and processing enterprises drop sharply
10:16 | 25/03/2024 Customs
The supporting industry needs high-tech human resources
00:00 | 22/10/2023 Import-Export
Semiconductor industry needs 50,000 high-quality workforce in next 10 years
15:51 | 18/10/2023 Import-Export
Vietnam making new moves in multibillion-dollar semiconductor industry
14:13 | 13/10/2023 Import-Export
Latest News
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
More News
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
Pepper prices continue increase trend
13:44 | 24/04/2024 Import-Export
More efforts needed to maintain export growth to China: Insiders
13:55 | 23/04/2024 Import-Export
It is expected that there are higher orders and revenue in the second quarter from European businesses
09:31 | 23/04/2024 Import-Export
Vietnamese rice prices on the hike
15:08 | 22/04/2024 Import-Export
FDI flow into garment and textile sector bounces back
15:06 | 22/04/2024 Import-Export
Investors play a key role in developing the industrial park system
10:38 | 22/04/2024 Headlines
Find ways to a corporation for businesses in industrial parks
10:38 | 22/04/2024 Import-Export
Your care
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