Cashew exports surge 46% over two months

Vietnam exported 75,000 tonnes of cashew nuts worth US$442 million during the opening two months of the year, representing an increase of 46.1% in volume and 21.5% in value compared to the same period from last year, according to the Ministry of Agriculture and Rural Development (MARD).

The MARD also revealed that February alone saw processing businesses ship 30,000 tonnes of cashew abroad worth US$174 million, bringing the export volume during the reviewed period up to 75,000 tonnes.

As of January, the United States, China, and the Netherlands made up the three largest importers of Vietnamese cashew with market shares of 24.4%, 19.2%, and 10.3%, respectively, in terms of the total value of cashew exports.

January witnessed cashew exports enjoy an upward trend in almost all markets, with the exception of the UK, Thailand, and France.

With import demand for raw cashew increasing significantly, the General Department of Vietnam Customs puts this down to a sharp rise in cashew export volume.

Meanwhile, Vietnamese processors imported 70,000 tonnes of cashew nuts worth US$90 million in February, raising the total import volume during the two-month period to 194,000 tonnes worth US$270 million, an annual rise of 82.8% in volume and 53.5% in value.

Cashew nut prices are projected to rise due to limited supplies locally, with the purchase price of raw cashew remaining high.

Alongside advantages in terms of the implementation of free trade agreements (FTAs), industry experts anticipate that the price of cashew nuts will recover during the course of the year.