Cashew exports hit record high of over 3.5 billion USD
Updated : Saturday, January 06, 2018 9:45 AM (GMT+0700)

Theexport turnover of 353,000 tonnes of cashew in 2017 touched 3.52 billion USD,the highest level ever recorded, according to the Ministry of Agriculture andRural Development.

 
Workers process cashew for exports - Photo: VNA

The figure represents a 23.8percent rise compared to the value in 2016.

The largest consumers ofVietnamese cashew were the US, the Netherlands and China with market shares of35 percent, 15.6 percent and 12.9 percent, respectively.

Strong growth in exportrevenue was seen in Russia (56.3 percent), the Netherlands (44.7 percent),Thailand (41.4 percent), the US (27 percent), the UK (24.8 percent) and Israel(13.5 percent).

Exported cashew pricesexperienced a spike spurred by increasing demand but limited supply. The priceof processed cashew nut surged 22.3 percent year on year to more than 9,900 USDper tonne.

Due to unfavourable weatherconditions which hurt cashew production, domestic businesses spent 2.53 billionUSD on imports of 1.28 million tonnes of raw cashew from Africa, Cambodia andLaos to meet export requirements.

In the last five years,Vietnam has become the world’s leading cashew processing centre with 1.6-1.7million tonnes of raw cashew compared to 3.4 million tonnes worldwide.

To reduce heavy reliance oncashew imports from African countries at high prices, Vietnam decided to investin cashew cultivation in Cambodia, said Nguyen Duc Thanh, Chairman of theVietnam Cashew Association (VINACAS).

Earlier, the VINACASprovided 1.5 billion USD (66,000 USD) to the Cambodian Ministry of Agriculture,Forestry and Fisheries to grow one million cashew trees on 500,000 hectares.

Source:VNA

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