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  • Cambodia reduces cashew nut exports to Vietnam 11/07/2022

    Nov 7th, 2022

    The Vietnam Trade Office in Cambodia said that in the structure of Cambodia's exports to Vietnam, cashew nut products account for about 25% of the total turnover. Currently, due to the decrease in the purchase price of this item, combined with climate change, the cashew growing area in Cambodia is shrinking. Cambodia is a foreigner to Vietnam Cashew processing in Cambodia - Source: IT According to the Cambodia Cashew Association, from an area of ​​about 800,000 hectares in 2021, the cashew growing area has decreased to 700,000 hectares in 2022. "The decrease in cashew acreage not only affects the export of this item but also significantly affects the country's export turnover to Vietnam," the Vietnam Trade Office in Cambodia shared. The lack of raw materials from Cambodia may affect Vietnam's cashew exports. According to statistics from the General Department of Customs, in September 2022, Vietnam's cashew exports reached 38.32 thousand tons, worth $234.36 million, down 18.2% in volume and down 14.4 % in value compared to August 2022, compared to September 2021, down 25.5% in volume and 31.4% in value. In the first 9 months of 2022, Vietnam's cashew exports reached 380.53 thousand tons, worth 2.28 billion USD, down 11.1% in volume and 14.4% in value over the same period last year. year 2021. In September 2022, the average export price of Vietnam's cashew nuts reached 6,116 USD/ton, up 4.6% compared to August 2022, but down 8.0% compared to September 2021. Generally, in the first nine months of 2022, the average export price of Vietnam's cashew nuts reached US$5,990/ton, down 3.7% over the same period in 2021. Worryingly, cashew nut exports to most key markets decreased. In which, the amount of cashews exported to Italy decreased by 50.6%; United Arab Emirates down 41.2%; Germany down 39.3%; US down 38.9%; Netherlands down 37.4%; China fell 27.2%. According to Bach Khanh Nhut, Vice Chairman of the Vietnam Cashew Association (Vinacas), the $3.2 billion target was registered by Vinacas with the Government from the end of 2021, when the Russia-Ukraine tension had not yet occurred. When the Russian-Ukrainian hostilities broke out, the situation changed. Cashew exports in 2022 are even difficult to reach the figure of 3.2 billion USD. The reason is that Vietnam's cashew nuts are mainly exported to the US and EU, accounting for more than 50% of the industry's export turnover. However, the export market is facing many difficulties, inflation in the US has escalated, the EU has also fallen into an economic crisis, and geopolitical tensions have caused a sharp drop in cashew consumption demand. Therefore, it is forecasted that until the end of the year, cashew exports will not prosper because the economic - political situation in the EU is increasingly complicated. This caused large enterprises to stagnate production, and small and medium-sized factories had to close due to lack of orders.