Vietnam exported 219,000 tonnes of cashew nuts worth US$1.28 billion during the first five months of the year, increasing by 8.0% in volume and 5.5% in value compared to the same period last year, according to the General Department of Vietnam Customs.

May alone witnessed the country ship 57,000 tonnes valued at US$331 million abroad, up 13.9% in volume and 8.3% in value year on year.

The average export price of the Vietnamese cashew stood at an estimated US$5,850 per tonne, marking a decline of 2.4% against the same period last year.

Vietnam mainly exported W320, W240, and W180 cashew nuts, all of which accounted for 62.3% of the total volume and 69.5% of the total export turnover of all product types.

The Vietnam Cashew Association (Vinacas)  reported businesses raked in US$3.08 billion from exporting 519,782 tonnes of cashew nuts last year, down 10.3% in volume and 15.1% in value compared to 2021.

Experts pointed out that the local cashew processing industry would continue to encounter numerous difficulties amid a slump in global consumption demand and low prices.

Furthermore, cashew production and supply chain are anticipated to face a number of challenges due to ongoing global uncertainties, US$/VND exchange rate volatility, and high processing costs.

Local businesses are therefore advised to seek new clients, invest in the deep processing of cashew-related products, and strive to diversify products to boost exports in the time ahead.

Source: VOV