The Export-Import Department (Ministry of Industry and Trade) forecasts that Vietnam’s cashew nut exports in the remaining months of the third quarter of 2022 will still face difficulties. Rising inflation in many major economies around the world has caused people to tighten spending, especially on high-priced products.
According to statistics, Vietnam’s cashew nut exports in the second quarter of 2022 reached 145 thousand tonnes, worth 879.8 million USD, up 37.5% in quantity and 40.1% in value compared to the first quarter of 2022, but down 10% and 11% respectively compared to the same period in 2021. Overall, in the first 6 months of 2022, Vietnam’s cashew nut exports reached 249.36 thousand tonnes, worth 1.5 billion USD, down 9.1% in quantity and 9.2% in value compared to the same period.
According to Vietnam’s Export-Import Department, cashew nut exports in the third quarter will face more difficulties due to high inflation in many major economies around the world, causing people to tighten spending, especially on high-priced products.
In addition, transport fares and the price of imported cashew nuts were high (increased from 15-20% compared to the same period in 2021), while the price of processed products decreased 10.4% to 5,782 USD/tonne in July 2022. The factories could not balance the price of processing and export price.
Cashew nut exports in the third quarter will face more difficulties due to high inflation in many major economies around the world, causing people to tighten spending, especially on high-priced products. (Photo: Internet)
It is estimated that Vietnam’s cashew nut exports in July 2022 decreased 3.2% in quantity and 8.7% in value compared to June 2022, down 17.5% in quantity and 26.1% in value compared to July 2021. Overall, in the first 7 months of 2022, cashew nut exports reached 294 thousand tonnes, valued at 1.76 billion USD, down 10.5% in quantity and 12.1% in value compared to the same period in 2021.
Vietnam Cashew Association (VINACAS) also assessed that this year, cashew nut consumption is very difficult due to the effects from the destination markets. At present, inflation in countries has reached very high levels compared to the previous period.
In particular, inflation in the United States has been at its highest level since 1981, in the context of a rapid rise in food and petroleum prices and no signs of a decrease. Particularly for the EU, inflation rates continued to rise very high in May and June 2022.
Cashew nut exports are forecast to decrease in the following months, which may last until the end of 2022. According to the assigned plan, in 2022, the whole cashew sector aims to export 3.8 billion USD, an increase of 200 million USD compared to 2021.
However, in the current context, VINACAS has proposed to adjust the quota of export turnover for the whole year to a modest level of 3.2 billion USD, a decrease of about 400 million USD compared to the target of over 3.6 billion USD in 2021.