Annual cashew nut export goal lowered to 3.2 billion USD
Friday, August 7, 2020 14:55
HCM City (VNA) - The Vietnam Cashew Association (Vinacas) has decided to lower the cashew nut export target to 3.2 billion USD this year, down from the 4 billion USD set in late 2019, given the impact of COVID-19.
Exports reached 232,000 tonnes in the first half, up more than 16 percent year-on-year, while value rose just 1 percent to 1.53 billion USD, as export prices slumped by nearly 14 percent.
Demand in China fell nearly 30 percent in volume and while value was down 44 percent. The US and European markets, however, still performed well.
Vinacas Chairman Pham Van Cong said export inventories remain high while trade disputes are on the rise due to falling prices.
According to the association, it is difficult to accurately forecast demand for cashew nuts between now and year’s end. Consumption at accommodation facilities and restaurants has fallen strongly due to the introduction of social distancing measures.
The importation of raw cashew nut materials was also hit by COVID-19, with importers not only facing a delay in delivery but also receiving lower-quality products compared to previous crops.
Vinacas has proposed companies import and export better quality cashew nuts to overcome the ongoing difficulties./.
VNA
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