Cashew exports are expected to have a stronger rebound at the end of the year
Cashew exports are growing strongly, however, cashew imports for export processing are also growing equally.
Illustration - Source: IT
Cashew exports are growing strongly, however, cashew imports for export processing are also growing equally. The cashew industry hopes that exports at the end of the year will help the industry "swim upstream".
Data from the Vietnam Cashew Association shows that in August, cashew kernel exports reached nearly 64,000 tons with a value of nearly 343.4 million USD, an increase of over 38% in volume and nearly 32% in value. The growth rate is very high but still lower than February 2023 (nearly 39%).
Thus, in the first 8 months of 2023, cashew exports will reach nearly 400,000 tons with a value of 2.256 billion USD, an increase of nearly 16% in volume and nearly 13% in value.
Vietnam's main cashew export market is the US, accounting for over 21% of the market share; Next is China with over 95%...
Although cashew exports grew quite well, cashew imports increased even more strongly. Regarding imports, in August, raw cashew imports reached 367,281 tons with a value of 370.4 million USD, an increase of over 87% in volume and over 48% in value. This is the highest growth rate in recent months but still lower than February 2023 (nearly 88%).
After 8 months, raw cashew imports also reached nearly 2.18 million tons, an increase of over 34%, with a value of over 2.56 billion USD, an increase of nearly 14%.
The raw cashew import market is mainly from Ivory Coast (over 28.4%), Cambodia (nearly 28%)...
Compared to the 2023 production and business plan of the Vietnam Cashew Association, the amount of raw cashew imports is above has exceeded 21%.
That does not include the amount of cashew kernels imported. After 8 months, Vietnam also imported over 69,300 tons of cashew kernels, an increase of 35.7%, with a value of nearly 391.5 million USD.
The proportion of imported raw cashew nuts is over 88%, while cashew kernels are nearly 12%.
Talking about the above numbers, Mr. Dang Hoang Giang, General Secretary of the Vietnam Cashew Association, said that the recent sharp increase in cashew imports is usually importing raw materials for the whole year with a production rotation of 1 - 1. 5 years. Because cashews are seasonal, businesses have to import cashews ready for processing.
Besides, imports increased, partly due to limited domestic output. Cashew trees are increasingly facing strong competition from other crops with higher economic efficiency such as durian, coffee...
When domestic supply is low, businesses have to import from Africa, Cambodia...
According to Mr. Dang Hoang Giang, importing a lot of raw cashew nuts is not necessarily bad. Because Vietnam has good processing technology and can make value-added products. Thereby creating jobs for workers.
“Importing raw cashews is not a big problem, but with cashew kernels, this is a processed foreign product. Importing cashew kernels will create little value for the cashew industry, on the contrary, it will create competition in the market," Mr. Giang said. Mr.
Dang Hoang Giang said, in the past, the cashew industry was highly cyclical. Export points are usually in the third and fourth quarters. The US and EU markets often buy strongly in the third quarter and the first half of the fourth quarter. For the Northeast Asia region, Asia will last until the beginning of the first quarter of next year. "After the
epidemic COVID-19, conflicts in some countries... cyclical factors are only for reference," Mr. Giang assessed.
However, at the end of the year, consumers will often spend more despite economic difficulties. Therefore, the cashew industry expects exports to increase even more strongly in the last months of the year, said the Vietnam Cashew Association./.
Bich Hong Source: BNEWS/ TTXVN
