Vietnam world’s top cashew exporter in 2018

15-Jan-2019 Intellasia | The Saigon Times | 6:00 AM Print This Post

Vietnam overtook major cashew exporters India and Brazil in 2018 to become the largest exporter of cashews in the world. The country processed 1.65 million tonnes of crude cashews and exported over 390,000 tonnes of cashew nuts, generating $3.52 billion in revenue, VnEconomy reported, citing the Vietnam Cashew Association.

With the export revenue, Vietnam’s cashew industry accounts for 60 percent of the total export value of cashews in the world.

However, the demand for cashew nuts in the end of the year period of 2018 remained low. Many cashew trading activities with foreign business partners in Europe and the United States were temporarily suspended due to long holidays, according to the association.

The Import-Export Agency under the Ministry of Industry and Trade said that domestic cashew exporters have reached the producing stage for spot and forward contracts this month, therefore the demand for cashews is forecast to remain low in the coming period. Meanwhile, foreign cashew suppliers have distributed cashews to Vietnam, as many countries entered early harvest seasons.

Cashew export prices in the first half of last month averaged out at $8,109 per tonne, rising a mere 2 percent month-on-month, while down 20 percent year-on-year.

Meanwhile, the cashew association has advised domestic cashew traders and processors to develop careful plans, avoid rushing into striking deals while cashew harvest seasons have yet to be harvested, as the industry may face many obstacles during the year. Also, when purchasing cashews for processing, they should thoroughly check the quality, as mixtures of old and new cashew materials were discovered in Western Africa.

Due to possible upcoming challenges, the association looks to export some 350,000 tonnes of cashew nuts this year, which means lowering the quantity while increasing the quality.

https://english.thesaigontimes.vn/65524/vietnam-world percentE2 percent80 percent99s-top-cashew-exporter-in-2018.html

 


Category: Economy, Vietnam

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