Vietnamese cashew nuts account for a half of global export value
VGP – Viet Nam was forecast to earn US$2.2 billion from shipping cashew nuts abroad and hold 50% of global cashew trade value, according to the Ministry of Industry and Trade (MoIT).
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In the first nine months, export prices of cashews increased by 10.25% against the same period last year.
While almost all other agricultural exports like rubber, coffee and rice faced declined prices and quantity, overseas shipment of cashew nuts still followed the rising trend thanks to increasing export prices and higher demands.
In January-September, cashew exports brought home US$1.78 billion of turnover, representing a year-on-year growth of 20.62% (or US$304 million).
The U.S., the Netherland, China were the three largest importers of Vietnamese cashew nuts by holding 36.29%, 12.56%, and 12.32% of total export value, respectively.
Meanwhile, Viet Nam’s important cashew importers like Germany, Thailand, the U.S, the Netherlands and the United Arab Emirates are booming, posting growth rates of 79.7%, 51.38%; 35.33%, 33.67%, and 22.01%, respectively.
The MoIT forecast that the global cashew market would get better in the rest of the year especially when India is preparing for the five-day Diwali festival of lights.
Statistics showed that trade value of the global cashew sector was estimated at around US$8 billion including US$5 billion for cashew nuts and US$3 billion for raw cashew./.
By Khanh Phuong
