Cashew nut export activities are showing signs of difficulties when the downward trend happens in both volume, turnover, and average value.
According to the latest data from the General Department of Customs, in the first half of August (August 1-15), the country exported 22,139 tonnes of cashew nuts, reaching nearly 129.2 million USD.
From the beginning of the year to August 15, the whole country imported 317,155 tonnes, the turnover reached nearly 1.9 billion USD.
Compared to the same period in 2021, both volume and export turnover of cashew nut products decreased. In particular, the volume decreased by about 9.2% (equivalent to more than 32,000 tonnes), while the turnover decreased by about 11.5% (equivalent to nearly 246 million USD).
The decline in turnover is greater than the volume, so it is easy to see that the average value of exports of this product is also lower than in the same period last year.
Specifically, in the first months of this year, the average value of cashew nut exports was USD 5,983/tonne, a decrease of about 2.5% (equivalent to a decrease of about USD 150/tonne, while reaching nearly USD 6,134/tonne in the same period last year).
Cashew nut exports have a decline in all three criteria. (Photo: Internet)
In the face of difficulties in finding the output of products, recently, Vietnam Cashew Association (VINACAS) recommended authorities reduce the export turnover quotas.
In 2022, the Ministry of Agriculture and Rural Development assigned export quotas for the Cashew sector of about $3.8 billion, an increase of $200 million compared to 2021.
However, recently, VINACAS proposed to lower the export target for the whole year to $3.2 billion, a decrease of $400 million compared to 2021.
According to VINACAS, one of the difficulties in exporting this product is the impact of the war between Russia and Ukraine.
Currently, the export markets of cashew nuts are quite diverse such as the United States, China, the Netherlands, Germany, Canada, the UK, and Spain…
However, the three largest export markets are the United States, China, and the Netherlands all suffered deep reductions in both volume and turnover.