VIETNAMESE CASHEW EXPORT ISSUING A GOAL TO REACH 4 BILLION USD IN 2020
According to the Vietnam Cashew Association, the cashew industry will focus on deep processing, improving quality and diversifying products to achieve the aforementioned goals.
In 2019, Vietnam’s raw cashew imports reached more than 1.5 million tons, mostly from Africa, to meet processing and export needs. Many mergers and acquisitions took place in 2019 leading to the emergence of more and more large-scale businesses in the cashew industry, according to a report from the Cashew Association.
By the end of November 2019, Vietnamese enterprises had exported more than 418,000 tons of cashew nuts worth nearly US $ 3 billion; while the cashew export target in 2019 is 450,000 tons, worth 3.5 billion USD. The US remains the largest import market for Vietnamese cashew nuts, followed by China and the Netherlands.
Data from MARD shows that the agricultural sector has a trade surplus of US $ 8.8 billion in the first 11 months of 2019. The export value of agriculture, forestry and fishery products reached US $ 37.3 billion in the first 11 months of the year, an increase of 3 , 6% over the same period in 2018. At the same time, imports of agricultural, forestry and fishery products reached US $ 28.5 billion, down 0.7% in the same period. China is still the largest market of Vietnam’s agricultural exports, accounting for 26.9% of total exports, followed by the US, EU, ASEAN and Japan.
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According to VNA