Export of cashew declines in three criteria

Sketched by T.Bình

According to General Department of Vietnam Customs, in the first half of August (from August 1 to August 15), Vietnam exported 22,139 tons of cashews, with a turnover of nearly US$129.2 million.

From the beginning of the year to August 15, the whole country imported 317,155 tons, with a turnover of nearly US$1.9 billion.

Compared to the same period in 2021, the quantity and export turnover of cashew nuts are both decreased. In particular, the volume reduced by about 9.2% (equivalent to a decrease of more than 32,000 tons), while the turnover dropped by about 11.5% (equivalent to nearly US$246 million).

The decline in turnover is larger than the volume, so it is easy to see that the average export value of this item is also lower compared to the same period last year.

Accordingly, in the first months of this year, cashew nut exports averaged US$5,983/ton, decreasing by about 2.5% (equivalent to about US$150/ton, it reached nearly US$6,134/ton in the same period last year).

Facing difficulties in finding output of products, recently, the Vietnam Cashew Association (VINACAS) proposed the competent authority to reduce the export turnover quota.

In 2022, the Ministry of Agriculture and Rural Development assigned the export target for the cashew industry at about US$3.8 billion, an increase of US$200 million compared to 2021.

However, recently, VINACAS proposed to adjust the export target for the whole year to US$3.2 billion, a decrease of US$400 million compared to 2021.

According to VINACAS, one of the difficulties in exporting this item is due to the impact of the war between Russia and Ukraine.

Currently, the export markets of cashew nuts are quite diverse such as the United States, China, the Netherlands, Germany, Canada, the UK, and Spain.

However, the three largest export markets, United States, China, and the Netherlands, were deeply reduced in both volume and value.