Vietnam spends US$1 billion importing cashew nuts over four months
VOV.VN - Vietnam imported roughly 795,500 tonnes of raw cashew nuts worth US$1.06 billion during the first four months of the year, marking a rise of 4.8% in volume but a reduction of 7.1% in value year on year.
The General Department of Customs reported that Cambodia is currently the largest supplier of raw cashew nuts to the Vietnamese market, making up 63.8% of the total.
This is followed by imports from African countries such as Tanzania, the Ivory Coast, and Ghana with turnovers of US$149.1 million, US$58 million, and US$36 million, respectively.
In the January - April period, Vietnam earned US$952.5 million from exporting cashew nuts to worldwide markets, up 4.5% year on year. The average export price reached US$5,846 per tonne, a decline of 1.8% compared to the same period last year.
The Vietnamese cashew industry has an export value of between US$3.5 billion to 3.8 billion per year, leading the world in terms of production and exports for many years, although this position is being shaken.
According to the Vietnam Cashew Association (Vinacas), local processors have faced a shortage of raw materials over recent years, and to ensure supply for export processing, many have been forced to increase imports despite rising prices.
Currently, Vietnam has 300,000 hectares of land under cashew cultivation, providing about 30% of raw materials for local businesses’ processing demand.
Therefore, Vinacas has proposed that the Ministry of Agriculture and Rural Development devise a long-term plan specifically for cashew growing areas, alongside taking measures to double or even triple the yield and focus on the deeper processing of cashew nuts.
