Vietnam’s cashew nut exports are likely to increase in the remaining months of the year, prompted by surging demand (Photo: congthuong.vn)
Hanoi (VNA) –🌸 Vietnam’s cashew exportsare likely to increase in the remaining months of the year, prompted by surgingdemand, cashew firms have said.
Figures released the Agency of ForeignTrade under the Ministry of Industry and Trade showed that Vietnam shipped363,000 tonnes of cashew nuts abroad in the first nine months of 2020, rakingin 2.3 billion USD, up 10.6 percent in volume but down 4 percent in valuecompared to the same period last year. China’s demand for cashew nuts is on therise, but importers have imposed stricter requirements on quality and Vietnam’sinventories may be insufficient. The Vietnam Cashew Association (VINACAS) forecastthat exports of cashew kernel in the remaining months will surge thanks togrowing demand of major importers including the US, the EU, India and China,during their holidays. Global cashew kernel prices are expected toincrease in the coming time, given that various small- and medium-sizedprocessing facilities in Vietnam and India reduced their capacity, resulting ina decline in supply. The cashew industry targets exports of450,000 tonnes this year for 3.2 billion USD, according to VINACAS./.
Cashew nut exports experienced a decline in May but still increased during the first five months of 2020, according to the General Department of Vietnam Customs.
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The Vietnam Cashew Association (Vinacas) has decided to lower the cashew nut export target to 3.2 billion USD this year, down from the 4 billion USD set in late 2019, given the impact of COVID-19.
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Vietnam’s cashew nut exports are likely to increase in the remaining months of the year, prompted by surging demand (Photo: congthuong.vn) 
