Cashew eyes US$ 3 billion of export turnover

VGP – The Viet Nam Cashew Association (Vinacas) has set to ship 360,000 tons of cashew abroad and pocket around US$ 3 billion in export turnover in 2017 as it is pursuing a goal of joining the global market.

January 18, 2017 2:41 PM GMT+7

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The Ministry of Industry and Trade reported in 2016 Viet Nam shipped 348,000 tons of cashew and earned US$ 2.84 billion, representing a 5.6% increase in quality and a 18.4% surge in value in comparison with 2015.

So far, Vietnamese cashew are available at 90 foreign markets, of which the U.S. held the largest market share with 35%; followed by the EU and the UK with 25%; and China with 18%.

Since 2006, Viet Nam has been the largest cashew exporter by accounting for 50% of raw cashew and 42% of processed cashew.

Nevertheless, in 2016, enterprises imported the largest amount of cashew, about 1.06 million tons, from Africa, up 14% against 2015.

Vinacas forecasted that this year, Viet Nam would import about 1.1 million tons of raw cashew. Meanwhile, domestic supply was estimated at around 400,000 tons.

“Heavy reliance on foreign supply poses a disadvantage for domestic enterprises,” said Vinacas President Nguyen Duc Thanh. However, modern machines allow enterprises to raise the value of raw materials by around 30%./.

By Kim Loan