Cashew nut exports projected to enjoy positive growth in third quarter
VOV.VN - Vietnamese cashew nut exports are anticipated to see robust growth ahead in the third quarter of the year due to growing demand in both the United States and the EU, according to the Ministry of Industry and Trade.
Statistics released by the General Department of Vietnam Customs indicate that the country exported 50,000 tonnes of cashew nuts worth US$324 million in July, representing a rise of 19.6% in volume and 33.5% in value compared to the same period from last year.
Throughout the initial seven months of the year, the country shipped 324,000 tonnes of cashew nuts worth US$1.97 billion abroad, an increase of 21.4% in volume and 14% in value compared to last year’s corresponding period.
Despite cashew exports to the US and EU markets enduring a decline, the export proportion to the Asian market saw an increase from 28.02% in the second quarter of last year to 33.59% in the second quarter of this year.
Meanwhile, the US reduced cashew imports from the Vietnamese market during the past five months of the year, with turnover reaching US$341.61 million, a decline of 17.7%.
In contrast, France increased its cashew imports from the Vietnamese market in the reviewed period as turnover reached US$34.41 million, marking a rise of 36.2%.
Moreover, Japanese cashew imports from the nation also increased by 4.5% to reach US$12.92 million, with the market share of Vietnamese cashew nuts as part of Japan's total import value accounting for 38.97% during the opening five months of the year.
According to industry experts, cashew exports are projected to record positive growth moving into the third quarter of the year, with the US being the largest consumer of Vietnamese cashew nuts, followed by France.
Despite this expected growth, the cashew sector is anticipated to face a number of hurdles amid complicated developments relating to the fourth wave of the COVID-19 pandemic, including high transportation costs and a shortage of empty containers.
The Import-Export Department has therefore recommended that the cashew industry strive to fully tap into the Asian market, including China, Japan, and other niche markets in the EU moving forward.
Local firms are therefore encouraged to use other forms of transportation, such as utilising rail networks, in order to transport goods directly to the EU market.
