According to the Department of Agro-Processing and Market Development, in October 2020, the volume of cashew nuts exported by Vietnam is estimated at 50,000 tons with a value of $ 297 million, bringing the volume of grain exports in the first 10 months of 2020 to reach. 415 thousand tons and 2.61 billion USD, up 11.5% in volume but down 3.4% in value over the same period in 2019.
The US, the Netherlands and China remained the three largest cashew import markets of Vietnam in the first eight months of the year, accounting for 33.5%, 13% and 12.7% of the total export value, respectively. cashew nut diet.
Cashew export value increased the most in the Japanese market, up 68.9%, in contrast to the market with the strongest drop in cashew export value was Russia, down 33.9%.
The Import and Export Department (Ministry of Industry and Trade) forecasts cashew exports will increase in the remaining months of this year. The export target of 450,000 tons, worth $ 3.2 billion, is set by the Vietnamese cashew industry in 2020 and is likely to reach the target.
Demand increased due to seasonal factors from major export markets such as the US, EU, India, China. Besides, cashew nut price is expected to increase due to limited supply. Many small and medium cashew processing facilities in Vietnam and India have reduced capacity, leading to a decrease in supply.
Even so, there are uncertainties regarding demand for processed cashews. Because cashews are not an essential food and the risk of a COVID-19 pandemic reappear in the EU, China, India and some major cashew consuming countries in the world.
In addition, the supply of raw cashew nuts in the world is still very large, so in the coming months, the price of raw cashew nuts is likely to decrease.
Vietnam’s cashew exports in the remaining months of 2020 will continue to increase, due to the demand for year-end holidays from major importing countries such as the US, India, EU and China.
However, there are uncertainties about demand for processed cashews such as cashew nuts that are not essential foods and the risk of the COVID-19 pandemic reappearing in the EU, China, and India. Degrees and some other major countries.
The purchasing power from the Chinese market is not too large, and the importers from the US and EU have stored enough inventories by December 2020, so the target that Vietnam has set is 450 thousand tons and 3, $ 2 billion by the end of 2020 will face many difficulties.