More than USD 4 billion is spent to import raw cashews

Raw cashews import in this year increased unexpectedly in both volume and value, exceeding the USD 4 billion mark.

Raw cashews imports increased unexpectedly in both volume and value this year. Photo: TL.

According to the General Department of Customs, from the beginning of the year to mid-December, Vietnam's raw cashew imports have reached 2,83 million tons, worth USD 4.119 billion.

This year's raw cashew importation has drawn two notable milestones. First is the quantity of imported raw cashews passing the two million tons mark, and the other is imported value reaching the USD 4 billion mark for the first time.

The year 2017 was when the cashew industry had to spend USD 2,574 billion - the largest amount of foreign currency to import raw cashew nuts at that time. Cashew nuts were imported the most in 2019 with a recorded amount of over 1.6 million tons.

It should be noted that Vietnam's cashew kernels export turnover has never reached USD 4 billion. The record USD 3.5 million in 2017 was the closest to this mark.

Cashew kernels exports this year also could not reach this milestone (USD 3.5 billion in the middle of December). However, it is the opposite in the case of raw cashews import (to produce cashew kernels for export) as it surpassed the mentioned milestone.

The current value of raw cashew imports and cashew kernel exports is evidence that 2021 is the first year Vietnam has to experience an import surplus after 30 years of exporting cashew kernels worldwide.