Cashew export volume up more than 21% in June

In the first six months of this year, cashew nut exports reached 195,700 tonnes, worth about $1.5 billion, up 12.2%  in volume, but down 12.% in value year on year.

The reduction in value was due to a plunge in the export price of cashew nuts in the first six months of the year. The average price dropped by 21.5%  year on year to $7,613 per tonne.

Now, the three largest cashew export markets of Vietnamese cashew nuts are the US, China and the Netherlands, accounting for 32.3 %, 14.1 % and 9.5 % of the total export value, respectively.

The General Department of Customs said cashew nut exports to the US in the first six months of the year reached 63,700 tonnes, worth $480.7 million. Those figures fell 4 % in volume and 25.7 %  in value compared to the same period of 2018.

Meanwhile, during the first six months, Vietnam gained strong growth in cashew nut exports to China, the second largest export market of local cashew nut, at 53.2 % to 28,200 tonnes year on year. The export value of cashew nuts rose 24.8 per cent year on year to $221.5 million.

In June, exports of cashew nuts to China increased by 143.8 % in volume to 6,600 tonnes and 104.2 % in value to $51 million compared with June 2018.

Ta Quang Huyen, General Director of Hoang Son 1 Company, said walnuts and almonds, the two main competitors of cashew nuts in China, have faced high tariffs so are very expensive. This has pushed cashew nut consumption up sharply. It is expected China will buy a huge volume of cashew nuts from Việt Nam this year.

He also said Vietnam’s total export volume of cashew nuts this year end would surge strongly because of the world’s high demand for cashew nuts for holidays.

Source: VietnamNews