Cashew nut exports to hit $1.8 billion this year
Cashew nut exports to hit $1.8 billion this year
Vietnam’s cashew nut output is likely to increase by 10-15% and its export earnings to hit US$1.8 billion this year.
The Vietnam Cashew Nuts Association (Vinacas) unveiled its ambitious plan at a conference in HCM City on February 26.
Vinacas said its businesses strive to purchase 100% of domestic materials (equal to 350,000 tonnes of raw cashew nuts) and import an additional 650,000 tonnes from West Africa, East Africa and Southeast Asia to meet the processing demand.
Around 180,000 tonnes of processed cashew nuts will be exported this year for US$1.8 billion, and the export of by-products could raise the value to US$2.2 billion.
Vinacas President Nguyen Duc Thanh warned agricultural products exports will face some technical trade barriers from major importers, such as the Food Safety Modernisation Act of the US Food & Drug Administration (FDA).
He suggested businesses should purchase all domestic materials from now to the end of April and consider imported volume carefully.
Thanh predicted the raw cashew nut market will become more stable and trade fraud will be reduced.
To help the sector develop sustainably, Vinacas proposed the State restructure processing units and encourage businesses to process by-products to meet market needs.
In February, 9,000 tonnes of cashew nuts were exported to the value of US$57 million, bringing the total exported volume in the first two months to 28,000 tonnes worth US$169 million, down 0.1% in volume and up 2.4% in value against the same period last year.
Three major importers were the US (accounting for 26.17% of total value), China (20%) and the Netherlands (9.84%).
Key cultivation localities, like Binh Phuoc and Dong Nai provinces, have begun growing new crops. The purchasing price currently hovers around VND26,000-26,500 per kg.
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