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Friday, June 14, 2024

Vinacas targets cashew exports of US$3.2 billion

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CAN THO – The Vietnam Cashew Association (Vinacas) has set an export target of 450,000 tons worth US$3.3 billion for the local cashew industry this year, said Pham Van Cong, chairman of the association.

Vietnam exported 232,000 tons of cashew nuts worth some US$1.53 billion in the first half of the year, rising 16% in volume and 1% in value versus the 2019 figures, even though the country was affected by the Covid-19 pandemic and global economic uncertainties.

The mild increase in the export turnover was attributed to the plunging export price of the product during the first half, which reached an average US$6,606 per ton, down almost 14% compared to the same period last year.

Meanwhile, Vinacas forecast that the industry would import 1.3 tons of cashew materials this year to be processed for export. Specifically, from January to June, the country purchased 635,000 tons of cashew worth over US$781 million, both down some 12% in volume and 22% in value over the figures a year ago.

The association explained that the negative impacts of the pandemic led to frequent delays in the time needed to transport the commodity from Western Africa to Vietnam. Moreover, the demand for cashew imports of local firms remained lower than in previous years, thus sending cashew imports down.

As for domestic production, data from the International Nut and Dried Fruit Council indicated that the volume of Vietnam’s raw cashew this year was on the rise thanks to improved productivity but the incomes of local cashew farmers had fallen due to market volatility.

By Trung Chanh

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