HANOI: Cashew exports are likely to rebound strongly by the end of this year after significant growth in both volume and value in the past eight months, industry insiders say.
Data from the Vietnam Cashew Association shows that in August, the country exported nearly 64,000 tonnes of cashew nuts, earning US$343.4mil, an increase of over 38% in volume and nearly 32% in value over the same period last year.
The latest addition had brought its cashew nut exports over the past eight months up to 400,000 tonnes in total with a value of over US$2.25bil, up 16% in quantity and 13% in higher grade nuts, over the same period last year.
Raw cashew imports also increased significantly over the past eight months, 21% higher than the current yearly target, according to the association.
Meanwhile, in August alone, the country spent US$370.4mil in importing over 367,200 tonnes of raw cashew, marking yearly hikes of 87% in volume and 48% in value.
In an eight-month period, raw cashew imports hit 2.18 million tonnes, worth over US$2.56bil, up 34% in quantity and 14% in quality year-on-year, according to the association.
That did not include the amount of imported cashew nuts, it said, adding that the country imported over 69,300 tonnes of cashew nuts valued at nearly US$391.5mil in the period.
General-secretary of the association Dang Hoang Giang attributed the recent sharp increase in cashew imports to the fact that cashew processing enterprises usually imported raw materials for the whole year with a production rotation of one to one and a half years.
Because cashew are a seasonal crop that only bear fruit once a year, businesses needed to have sufficient raw cashews for processing.
He said importing a high quantity of raw cashews is important as Vietnam owns good processing technology and can make value-added products, thereby creating jobs for local people. — Viet Nam News/ANN