Wednesday, August 21 2019

VietNamNews

Cashew export volume up more than 21 per cent in June

Update: July, 19/2019 - 11:39

 

Processing cashew nut for export at the Việt Hưng Production and Trading Co Ltd in Bình Định Province. Việt Nam’s cashew export volume up more than 21 per cent in June. — VNA/VNS Photo Vũ Sinh

HÀ NỘI — Việt Nam exported 39,200 tonnes of cashew nuts in June, earning US$275.6 million, according to the General Department of Customs, up 21.4 per cent in volume but down 6 per cent in value year on year.

In the first six months of this year, cashew nut exports reached 195,700 tonnes, worth about $1.5 billion, up 12.2 per cent in volume, but down 12.1 per cent in value year on year.

The reduction in value was due to a plunge in the export price of cashew nuts in the first six months of the year. The average price dropped by 21.5 per cent year on year to $7,613 per tonne.

Now, the three largest cashew export markets of Vietnamese cashew nuts are the US, China and the Netherlands, accounting for 32.3 per cent, 14.1 per cent and 9.5 per cent of the total export value, respectively.

The General Department of Customs said cashew nut exports to the US in the first six months of the year reached 63,700 tonnes, worth $480.7 million. Those figures fell 4 per cent in volume and 25.7 per cent in value compared to the same period of 2018.

Meanwhile, during the first six months, Việt Nam gained strong growth in cashew nut exports to China, the second largest export market of local cashew nut, at 53.2 per cent to 28,200 tonnes year on year. The export value of cashew nuts rose 24.8 per cent year on year to $221.5 million.

In June, exports of cashew nuts to China increased by 143.8 per cent in volume to 6,600 tonnes and 104.2 per cent in value to $51 million compared with June 2018.

Tạ Quang Huyên, General Director of Hoàng Sơn 1 Company, said walnuts and almonds, the two main competitors of cashew nuts in China, have faced high tariffs so are very expensive. This has pushed cashew nut consumption up sharply. It is expected China will buy a huge volume of cashew nuts from Việt Nam this year.

He also said Việt Nam’s total export volume of cashew nuts this year end would surge strongly because of the world’s high demand for cashew nuts for holidays. — VNS

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