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  • Cashew export turnover decreased by 14% after 9 months 10/10/2022

    Oct 10th, 2022

    In the first 9 months of the year, cashew nut exports brought in a turnover of 2.3 billion USD, down 14% in value compared to the same period in 2021. A representative of Vinacas said that in 2022, it will be difficult for the cashew industry to fulfill its export target. $2.2 billion. 14 months after 9 months Illustration - Source: IT According to the Import and Export Department (Ministry of Industry and Trade), in September, Vietnam's cashew exports reached about 40,000 tons, equivalent to 245 million USD, down 15% in volume and 10% in value compared to August; and at the same time decreased 22% in volume and 28% in value compared to September 2021. Generally, in the first 9 months of the year, cashew nut exports were estimated at 382 thousand tons, worth nearly 2.3 billion USD, down 11% in volume and 14% in value over the same period in 2021. The average export price of cashew in the first 9 months of the year reached 5,992 USD/ton, down 4% compared to the same period in 2021. In September alone, the export price was at 6,136 USD/ton, down 8% compared to September/ 2021. According to the Import-Export Department, the conflict between Russia and Ukraine affects Vietnam's cashew exports. The recession of major economies, high inflation makes consumers tend to increase savings. This will be a barrier for the US to reduce cashew nut imports in the remaining months of 2022, although consumption demand may increase at the end of the year (according to cyclical factors). In the context of the unfavorable economic situation, high-priced products are unlikely to be the choice of many people. Cashew exports to the US slowed down, but there were good signals in China and the EU. The Import-Export Department recommends that Vietnamese cashew businesses need to exploit the advantages that new-generation Free Trade Agreements bring to boost exports to these markets. Mr. Bach Khanh Nhut, Vice President of the Vietnam Cashew Association (Vinacas) said that cashew exports in 2022 are even difficult to reach the figure of 3.2 billion USD. Because, 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. “It is forecasted that until the end of the year, cashew exports will not prosper because the economic and 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, "Mr. Nhut informed.