The Vietnam Cashew Association said from the remaining months of 2023 until the first quarter of 2024, the industry will continue to face many hurdles. Amidst global economic downturn, cashew will not an essential commodity and, as a result, consumer demand will continue to decline.
However, in the optimistic scenario, the cashew industry will grow as the inventory level in major consuming markets will decrease, pushing the demand at the end of the year.
The association has adjusted the target of cashew nut export turnover in 2023 to 3.05 billion USD, a decrease of 50 million USD compared to the previously set plan.
It has recommended ministries, branches and localities to create the most favourable conditions for cashew businesses, especially in terms of bank credit, tax and customs policies.
In the first six months of 2023, the industry exported over 279,000 tonnes of cashew nuts of all kinds with a turnover of about 1.6 billion USD, up 9.5% in volume and over 7.6% in value./.
