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Taking advantage of opportunities from EVFTA, Vietnam's cashew exports continue to prosper

19/05/2022

In April, Vietnam's cashew exports reached 49,000 tons, equivalent to USD 290 million, an increase of 22% in volume and 21% in value compared to March.

Notably, EU countries such as the Netherlands, Germany, the UK, and Italy are all in the top 10 cashew export markets of Vietnam.

Experts said that the EVFTA Agreement, after a period of implementation, has brought very effective results. In 2021, the EU is Vietnam's second largest cashew nut export market, accounting for 23% of the total volume and 22% of the total value of the industry. Specifically, cashew nut exports to the EU market reached 135 thousand tons, worth USD 816 million, an increase of 16.5% in volume and an increase of 8% in value compared to 2020.

It can be seen that, right after the EVFTA took effect, the tax rate for cashew nut products imported from Vietnam has been reduced to 0%. This is an important milestone and a great opportunity for cashew businesses. Because before the implementation of EVFTA, the tariff of cashew nuts imported into the EU from Vietnam fluctuated from 7 to 12%.

In Western Europe, Vietnam's cashew nuts are exported to countries: Germany, the Netherlands, France, Belgium, etc. in which the cashew industry has well taken advantage of the Dutch and German markets. These are also important trade hubs for imported cashews for re-export. For Eastern Europe, Vietnam cashew nuts are present in many countries such as Russia, Poland, Romania, Ukraine, etc.

The EU market is ranked 2nd among Vietnam's cashew export markets, accounting for 23% of the total volume and 22% of the total value of the industry. According to estimates, Vietnam's cashew exports in 2021 to the EU market would reach 135 thousand tons, worth USD 816 million, an increase of 16.5% in volume and 7.9% in value compared to 2020.

According to statistics from the General Department of Customs, in April 2022, Vietnam's cashew exports reached 48.68 thousand tons, worth USD 290.23 million, an increase of 21.8% in volume and an increase of 21.4 % in value compared to March 2022, compared to April 2021, increased by 0.4% in volume and 1.2% in value. Accumulated over the first 4 months of 2022, Vietnam's cashew exports reached 153.35 thousand tons, worth USD 913.5 million, a decrease of 5.2% in volume and 4.1% in value over the same period last year.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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