Illustrative image (Photo: VNA)Hanoi (VNA) - Vietnam’s cashew exports to the US inthe first two months of the year rose by 21 percent in volume to 17,900 tonnesand 3.6 percent in value to 126.2 million USD year-on-year, according to theGeneral Department of Customs.
TheUS, along with the Netherlands and China, remained the top three largest cashewexport markets for Vietnam.
The department said the country exported a total 50,700tonnes of cashew nuts in the period, a year on year increase of 6.5 percent,but value fell 8.4 percent to about 357 million USD.
The average export price of cashew nuts in the first twomonths decreased by 14 percent over the same period last year to 7,046 USD pertonne, it said.
For February alone, total cashew exports reached 26,100tonnes, earning 185.2 million USD. This marked a surge of 5.7 percent in volumeand 7.3 percent in value month-on-month, and 76.8 percent and 50.6 percent,respectively, year-on-year.
In February, Vietnam saw growth in cashew exports to manymarkets, including the US, the Netherlands, the UK, Germany, Canada, Thailand,Australia and Saudi Arabia, but exports to China fell sharply due to low demandduring the coronavirus (COVID-19) pandemic.
Vietnam's cashew industry was expected to face difficultiesin export during the first half this year due to the COVID-19 pandemic andoversupply, said the Vietnam Cashew Association.
By mid-March, the domestic price of raw cashew nuts hadfallen 6,000 VND per kilo compared to the end of February.
The association said the COVID-19 pandemic posed many risksand unpredictable fluctuations on the cashew market at home and abroad.
The cashew harvest has arrived in Vietnam, Cambodia and WestAfrica, with countries relying on high yields, especially Cambodia and theIvory Coast.
Vietnam is also expected to have high cashew output thisyear, which will likely push prices down, said the association.
It has recommended local cashew export processing enterprisesto monitor the market closely to make suitable production and business plansthis year, including buying raw cashew, selling processed cashew, and storingraw materials and finished products.
Vietnam has targeted total export value of cashew at 4billion USD this year./.
VNA
