Cashew nut exports reach US$3.6 billion in 2019

According to the Vietnam Cashew Association (Vinacas), this year, Vietnam continues to be the largest cashew nut exporter in the world with cashew nut exports of US$3.6 billion.

Cashew nut exports reach US$3.6 billion in 2019

By the end of November this year, the country had exported 418,110 tons of cashew nuts with export turnover of nearly $3 billion, an increase of 16.47 percent in volume but a decrease of 8.32 percent in value in comparison with the same period last year. The average export price of cashew nuts was $7,269 per ton, down 20.73 percent over the same period last year.

Besides, the cashew industry also exported intensively-processed products, bringing in around $0.6 billion, raising the total cashew nut exports of this year to $3.6 billion. As for the import of raw cashew, Vietnam also made a new record with the total volume of imported raw cashew of 1,534,825 tons. The average import price was $1,333 per ton, an increase of 27.54 percent in volume and a decrease of 29.78 percent in value compared to the same period last year.

According to Vinacas, the cashew industry is expected to face several difficulties next year due to complicated developments of global economy, the trade disputes between the US and China, and the US and India, trade protectionist policies of countries relating to raw cashew and cashew nuts. It is forecast that in the first six months of next year, the prices of raw cashew and cashew nuts might change but the range is not large.

At the same time, big roasters of the US and the EU will impose more food safety standards, check for more chemical residues and tighten regulations on origin. The merger and acquisition of enterprises have been happening more quickly and strongly.

In 2019, the volume of semi-processed cashew nuts (with or without silk husks) imported into Vietnam tended to increase more strongly than last year and other previous years. Next year, enterprises will continue to upgrade machinery and equipment and improve their intensive processing capacity to achieve the export target of $4 billion of cashew nuts.

Amid the unexpected developments of the market, Vinacas suggested that as for the import of raw cashew, the industry will continue to carry out the policy to reduce quantity and increase quality to improve the quality of cashew nuts. The association will gather and encourage leading processing enterprises in the industry to cooperate and take initiative in business to help the cashew industry to basically get a grip of the source of raw materials.