Bright prospects ahead for cashew exports in 2024
VOV.VN - Despite facing numerous difficulties, Vietnamese cashew exports are expected to increase by 25% in volume this year and record a positive outlook ahead in 2024, according to the Ministry of Industry and Trade.
Statistics indicate that during the 11-month period the country exported 582,000 tonnes of cashew nuts worth US$3.31 billion, representing a rise of 23.1% in volume and 17.4% in value compared to the same period last year.
The country’s average cashew export price dropped by 4.7% to US$5,682 per tonnne year on year.
In fact, the cashew industry has exceeded the target of earning US$3.1 billion from exports set by the Vietnam Cashew Association and is anticipated to record an upward trend this December.
Vu Thai Son, chairman of Long Son Food Jsc., the largest cashew nut processor in Vietnam, said that the export volume for the entire year has grown by about 25%, although the value is lower compared to last year.
Son attributed the decline in cashew export value to high prices of raw materials, along with other factors such as high interest rates and fluctuations in exchange rates.
However, he pointed out that the cashew industry sees bright export prospects moving forward into 2024 as several global markets such as the EU and Japan still have high demand for cashew products.
Specifically, in the last months of the year import orders from markets such as the EU, the United States, and Japan are remarkably increasing, he said, adding that more than 10 cashew processing factories of Long Son firm are now operating at full capacity to meet orders.
Despite export opportunities, the cashew industry is facing challenges in terms of raw materials, high interest rates, and the wave of shifting to green production to meet global trends.
With regard to the green transformation wave, business representatives said importing markets such as the US and the EU are placing forth stricter requirements on packaging design, environmental standards, and social responsibility.
The Vietnam Cashew Association proposed that the State provide loans for businesses, have a reasonable exchange rate policy, and further simplify administrative procedures in a bid to facilitate businesses’ export activities.
