In the first 6 months of the year, Vietnam’s cashew nut exports reached 249,364 tonnes, equal to 1.5 billion USD. Compared to the same period in 2021, it decreased by 9.1% in volume and 9.2% in value respectively.
Regarding export markets, according to the General Department of Customs, compared to June 2021, cashew exports in June 2022 to many key markets decreased such as the US, China, etc.
In contrast, Vietnam’s cashew nut exports to Israel increased 110% in volume and 108.6% in value; the United Arab Emirates (UAE) increased 40.7% in volume and 53.1% in value; the UK increased 19.9% in volume and 15.2% in value.
Compared to the same period in 2021, cashew nut exports to some markets decreased, such as the US, China, the Netherlands, Germany, and Canada. In contrast, cashew nut exports to some markets increased, including the UK, Australia, the United Arab Emirates, Israel, and Italy.
With export results in the first 6 months of 2022, the Ministry of Industry and Trade forecasts that in the short term, Vietnam’s cashew nut exports will face difficulties. (Photo: Internet)
Geopolitical tensions between Russia and Ukraine do not have much impact on Vietnam’s cashew nut exports. Because Vietnam’s cashew exports are mainly to the US and the EU, exports to Russia are at a low level. Despite this, rising inflation has made consumers tend to cut their spending. High-priced products are not likely to be the choice of many people in a context where the economic situation is not very good.
In addition, Vietnam’s cashew nut sector is facing the risk of supply chain disruption due to escalating geopolitical tensions, and high transport fares, creating additional difficulties for import and export activities.
In June 2022, the average export price of cashew nut in Vietnam reached 6,132 USD/tonne, a decrease of 2.6% compared to June 2021. Overall, in the first 6 months of 2022, the average export price of cashew nut in Vietnam reached 6,018 USD/ tonne, down 0.1% compared to the same period in 2021.
In the world market, at the beginning of July 2022, the export price of raw cashew nuts was quite stable compared to the end of June 2022. On July 1, 2022, Benin was stable at 1,287.5 USD/tonne; Ivory Coast, Ghana, and Nigeria were at 1,225 USD/tonne.