Monday , December 10 2018
Breaking News
Home / International Customs / Vietnam / Vietnam achieves record cashew exports
Vietnam achieves record cashew exports

Vietnam achieves record cashew exports

HANOI: Việt Nam achieved its highest ever cashew exports in a year in 2017 with shipments worth US$3.52 billion. It exported 353,000 tonnes, representing a year-on- year increase of 23.8 per cent in value and 1.9 per cent in volume, according to the Ministry of Agriculture and Rural Development. The US, the Netherlands and China remained the biggest buyers, accounting for 35 per cent, 15.6 per cent and 12.9 per cent of the shipments. Exports to many markets rose sharply, including Russia (up 56.3 per cent), the Netherlands (44.7 per cent), Thailand (41.4 per cent), the US (27 per cent), and the UK (24.8 per cent).

While demand rose in the world market, supply was down significantly in many countries, including Việt Nam, pushing prices up, according to cashew companies. Demand is expected to continue increasing, enabling Vietnamese firms to boost exports in future, according to the Việt Nam Cashew Association (Vinacas). Vietnamese processors have worked relentlessly to improve their quality, promote their brands and maintain their prestige, and this has played a very important role in the development of the cashew industry, the association said. Việt Nam has leading processing technologies, it said. Nguyễn Đức Thanh, Vinacas’ chairman, said despite being the world’s biggest cashew processor and exporter, the industry’s profits are modest. Vietnamese firms mostly exported at around $10 a kilogramme last year while value-added cashew products were sold at supermarkets abroad at up to $30.

To improve the situation, more and more firms have invested in modern technologies and machinery to make more value-added cashew products, including salted/honey roasted nuts and wasabi- and chocolate-coated nuts. A number of companies from the US and Singapore have also invested in processing facilities to make value-added cashew products in Việt Nam, he said. The association as well as businesses in the sector said the current reliance on raw cashew imports is a great risk to the cashew industry.