Cashew industry sets export target of US$3.1 billion in 2023
According to details given by the Vietnam Cashew Association (Vinacas), last year witnessed Vietnamese cashew exports reach only US$3.07 billion, marking a decline of approximately US$600 million compared to the set target of US$3.8 billion.
This decline can be attributed to the impact of the global energy and food crisis coupled with China’s "Zero-COVID" policy last year which led to adverse effects on cashew exports, as well as other Vietnamese agricultural exports to the market.
Industry insiders have assessed that the cashew sector will continue to face numerous difficulties in the year ahead, primarily due to factors such as the Russia – Ukraine conflict, the State Bank of Vietnam (SBV)'s credit tightening policy, fluctuations in the US$/VND exchange rate, low consumption decline, and stagnant production.
Nguyen Minh Hoa, vice chairman of Vinacas, revealed that most importers in both the United States and the EU have yet to sign contracts to purchase cashew nuts until the end of the second quarter of the year.
Vinacas therefore recommends that local businesses flexibly seek niche markets, particularly Asian countries, as a means of replacing major markets such as the US, the EU, and China that have endured volatile fluctuations recently.
Vietnamese firms are also advised not to rush to import raw cashew nuts and to avoid risks at the beginning of the year, particularly as the price of W320 cashew nuts is on a downward trend. In addition, the price of the Ivory Coast’s raw cashew nuts is being offered at a high level.
Cashew processing enterprises are being asked to fully tap into the domestic market to overcome difficulties, according to experts.
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