Cashew exports to face challenges caused by high inflation
VOV.VN - Cashew nut exports are set to face a number of difficulties moving into the third quarter of the year due to high inflation hitting several major global economies, according to details given by the Ministry of Industry and Trade (MoIT).
Statistics compiled by the MoIT indicate that the country exported 145,000 tonnes of cashew worth US$879.8 million in the second quarter of the year, representing a rise of 37.5% in volume and 40.1% in value compared to the previous quarter.
Throughout the first half of the year, the nation exported 249,360 tonnes of cashew nuts worth US$1.5 billion, representing a decline of 9.1% in volume and 9.2% in value against the same period from last year.
Furthermore, cashew nut exports during the initial seven months of the year reached US$1.76 billion, a fall of 10.5% in volume and 12.1% in value on-year.
According to information given by the Import-Export Department, Vietnamese cashew nut exports in the third quarter are anticipated to face numerous challenges due to high inflation occurring globally, which has made people tighten spending, especially for high-priced products.
Moreover, high freight costs have also led to the price of imported cashew nuts to pushed up from 15% to 20% against the same period from last year.
Moving forward, cashew nut exports are forecast to endure a downward trajectory over the following months, possibly lasting until the end of the year.
According to the details set out in the economic plan, the cashew industry has set a target of exporting US$3.8 billion this year, an increase of US$200 million compared to 2021.
However, amid high inflation occurring in several major economies, the Vietnam Cashew Association (VINACAS) has proposed adjusting the export target to only US$3.2 billion, down by roughly US$400 million compared to over US$3.6 billion recorded last year.
