Foreign consumers would spend more at the end of the year despite economic difficulties. Therefore, the cashew industry expected exports to increase even more strongly in the last months of the year.
As cashew exports in the first half of 2022 fell by 9.2 per cent against the same period last year, the Vietnam Cashew Association (VCA) has to adjust down its annual export target by US$600 million.
Viet Nam’s cashew exports reduced significantly in both volume and value in the first months of the year, exports for the entire year are forecast to be lower than last year.
Despite the difficulties posed by the Covid-19 pandemic, Viet Nam’s cashew exports in the first half of the year increased by 16 per cent in volume year-on-year and 1 per cent in value to 232,000 tonnes and nearly US$1.53 billion.
Viet Nam’s cashew exports to the US in the first two months of the year rose by 21 per cent in volume to 17,900 tonnes and 3.6 per cent in value to US$126.2 million year-on-year.
Viet Nam’s cashew industry has targeted 300,000 tonnes of cashew exports at a value of US$3 billion this year, a year-on-year reduction of 50,000 tonnes in volume and $500 million in value, according to the Viet Nam Cashew Association.
Viet Nam''s cashew exports in January jumped 15.6 per cent year-on-year
to US$183 million, according to the Ministry of Agriculture and Rural
Development.