Vietnam’s cashew exports are likely to increase in the remaining months of the year, prompted by surging demand, cashew firms have said.
Figures released the Agency of Foreign Trade under the Ministry of Industry and Trade showed that Vietnam shipped 363,000 tonnes of cashew nuts abroad in the first nine months of 2020, raking in 2.3 billion USD, up 10.6 percent in volume but down 4 percent in value compared to the same period last year.
China’s demand for cashew nuts is on the rise, but importers have imposed stricter requirements on quality and Vietnam’s inventories may be insufficient.
The Vietnam Cashew Association (VINACAS) forecast that exports of cashew kernel in the remaining months will surge thanks to the growing demand of major importers including the US, the EU, India and China, during their holidays.
Global cashew kernel prices are expected to increase in the coming time, given that various small- and medium-sized processing facilities in Vietnam and India reduced their capacity, resulting in a decline in supply.
The cashew industry targets exports of 450,000 tonnes this year for 3.2 billion USD, according to VINACAS.