Cashew exports completed 75% of target after eight months
According to the Import-Export Department (Ministry of Industry and Trade), in August, Vietnam's cashew exports reached the highest level in volume since 2021 with 60,500 tons, equivalent to USD 334 million, an increase of 11% in volume and an increase of 10% in value compared to July. Compared to August 2022, cashew exports this month also recorded an increase of 29% in volume and an increase of 21.8% in value.
Accumulated over the first eight months of this year, Vietnam's cashew exports reached nearly 395,600 tons, worth USD 2.3 billion, an increase of 15.5% in volume and 11% in value compared to the same period last year. With this result, the cashew industry has completed 75% of its target export turnover of USD 3.05 billion in 2023.
In August, Vietnam's export cashew nut price reached USD 5,510/ton, decreased by 1% compared to July 2023 and decreased by 6% compared to August 2022. On average in the first eight months of 2023, the export price of cashew nuts reached USD 5,760/ton, decreased by 4% compared to the same period in 2022.
Statistics from the Import-Export Department show that in the first eight months of 2023, cashew exports to all major markets increased. In particular, cashew nut exports to China, Germany, England, the United Arab Emirates (UAE), and Saudi Arabia grew strongly in double digits compared to the same period last year.
Vietnam's cashew exports in the third quarter increased thanks to cyclical factors and increased import demand from the US and EU. Currently, domestic factories have signed many new orders and demand for this product has begun to increase again.
“Production activities are vibrant, many units have to increase processing capacity to keep up with orders signed for the last two quarters of the year. Improving quality, diversifying products and making good use of opportunities from the market will help Vietnam's cashew industry continue to grow" the Import-Export Department recommended.
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