Cashews are processed for export at Viet Ha Cashew Import-Export JSC. The industry is expected to reach export revenue of US$2.2 billion this year. — VNA/VNS Photo Chi Tuong

HCM CITY (Biz Hub) — Cashew export revenue is expected to reach US$2.2 billion this year, after reaching robust growth due to higher prices and demand, according to the Ministry of Industry and Trade's Viet Nam Industry and Trade Information Centre.

The country's other key agricultural exports such as rubber, coffee and rice, however, fell both in export volume and value in the past nine months.

The country earned $1.78 billion from cashew exports in the reviewed period, a year-on-year increase of 20.62 per cent, the centre said.

The average cashew export price was 10.25 per cent higher than the same period last year.

The US, the Netherlands and China remain the three biggest importers of Vietnamese cashews, accounting for 36.29 per cent, 12.56 per cent and 12.32 per cent of total exports, respectively.

Among markets that recorded a strong increase in exports in the period were Germany (a rise of 79.7 per cent), Thailand (51 per cent), the US (35 per cent), the Netherlands (33.7 per cent) and United Arab Emirates (22 per cent).

The global cashew market will see more positive changes in the fourth quarter, according to the centre.

The Diwali festival in India, which falls in between mid-October and mid-November, for example, will lead to a surge in cashew demand. —VNS