Assoc targets cashew exports of US$3.5-3.7 billion

Can Tho - The Vietnam Cashew Association has set a new export target of US$3.5-3.7 billion this year for the cashew industry, US$200-400 million higher than earlier forecast.

Visitors look at a cashew processing line at a show organized by Vinacas - PHOTO: NGOC HUNG

The association said in a press release that the industry is expected to ship 330,000 tons of cashew nuts worth more than US$3.3 billion.

The association forecast Vietnam will continue making up over 50% of global exports of cashew nuts predicted at around US$5.5 billion.

If this comes true, Vietnam will remain the world’s largest cashew nut exporter for 12 consecutive years.

Data of the Vietnam Industry and Trade Information Center shows the country shipped about 294,000 tons of cashew nuts abroad worth US$2.98 billion in the January-October period, up 0.4% and 25.6% year-on-year respectively.

The United States, the European Union and China remain the three largest consumers of Vietnamese cashew nuts, accounting for 35%, 25% and 15% of Vietnam’s export earnings.

Local processors exported over 348,000 tons of cashew nuts worth US$3.1 billion last year.

The Vietnam Cashew Association and the Vietnam Trade Promotion Agency will hold the 9th Vinacas Golden Cashew Rendezvous on Phu Quoc Island off Kien Giang Province from November 13 to 15. The event is expected to attract 400 domestic and international delegates from 40 countries and territories across the world.