Cashew nut exports rise high in value

Cashew nut exports hit 188,034 tons with a value of US$1.85 billion in the first seven months of this year, down 1% in volume but up 25.2% in value against the same period last year, according to the General Department of Vietnam Customs.

Vietnam businesses shipped 36,804 tons of cashew nut to get US$380.4 million in July, up 6.6% in volume and 7.4% in value compared to June.

The average export price in seven months rose 27% to US$9,842 per ton.

The US was the largest importer of Vietnam cashew nut with US$679.67 million, accounting for 36.7% of Vietnam’s total export value (up 37.7%), followed by the Netherlands with US$288.02 million, making up 15.6% (up 43,9%).

Cashew exports to almost all markets saw a growth in seven months, such as Belgium (up 95.3% to US$11.66 million), Russia (up 65.8% to US$30.18 million) and India (up 39.8% to US$22.19 million). However, exports to Pakistan and Greece suffered a deep decline of 54% and 53% respectively.

Although the export price hit a record high and tends to rise in the coming time, the cashew nut industry of Vietnam still depends on imported raw materials. In 7 months, cashew nut imports jumped 56.9% in volume to 891,977 tons and 101.7% in value to US$1.72 billion.

On the domestic market, the price of raw cashew nut also hit a record high of VND50,000 per kilo.