Vietnam Cashew Association lowers export target amid weak demand
As cashew exports in the first half of 2022 fell by 9.2% against the same period last year, the Vietnam Cashew Association (VCA) has to adjust down its annual export target to 3.2 billion USD.
Cashew exports stood at over 1.5 billion USD in the first half of 2022, down 9.2% from a year earlier. (Photo: VNA)
Hanoi (VNA) — As cashew exports in the first half of 2022fell by 9.2% against the same period last year to over 1.5 billion USD, the Vietnam Cashew Associationhas to adjust down its annual export target to 3.2 billion USD.
Tran Van Hiep, Vice Chairman of VCA, said the Russia-Ukraineconflict is a major cause for the falling exports, as Russia was the 14thlargest importer of Vietnamese cashews and the conflict had the country cut offfrom the SWIFT system, causing payment difficulties for Vietnamese exporters.
Another cause is the mounting inflation in the US and EU. Higher inflationleads to higher prices for essential items, leaving consumers with no choicebut to cut back on non-essential items, such as cashew nuts. The demand forVietnamese cashew fell accordingly.
In addition, China is sticking to its zero-COVID policy, holdingback the importation of the Vietnamese nuts, he added.
Amid contracting demand from abroad, VCA has tolower its export target to 3.2 billion USD for 2022, 600 million lessthan the target set at the beginning of the year.
Cashew exports earned Vietnam over 3.6 billion USD in 2021. In thefirst five months of 2022, Vietnam shippedabroad over 206,000 tonnes of the nuts worth 1.19 billion USD, down 7.81% involume and 6.81% in value, the Vietnam Cashew Association reported. Although the turnover decreased, the averageexport price increased by 1.45% compared to the same period in 2021, reachingabout 5,792 USD per tonne./.
Vietnam's cashew nut export turnover reaches 3.63 billion USD in 2021, up 13% compared to 2020. Among export markets, the US and China are still the main markets of Vietnam's cashew nut.
Vietnam shipped a total of 105,000 tonnes of cashew nuts abroad in Q1, earning 630 million USD, down 6.7 percent in volume and 5 percent in value compared to those in the same period of last year, according to the General Department of Vietnam Customs.
Vietnam exported over 206,000 tonnes of cashew nuts worth 1.19 billion USD in the first five months of 2022, down 7.81% in volume and 6.81% in value, the Vietnam Cashew Association (VINACAS) reported.
Vietnam should fully tap benefits from tariff reduction and exemption brought by the EU – Vietnam Free Trade Agreement (EVFTA) to promote cashew nut export to France, said insiders.
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Cashew exports stood at over 1.5 billion USD in the first half of 2022, down 9.2% from a year earlier. (Photo: VNA) 
