Vietnam's cashew industry is facing fluctuations in raw material prices

12/07/2024 09:22

Although exports recorded a double-digit growth rate in the first half of 2024, Vietnam's cashew industry is facing fluctuations in raw material prices.

Source: Internet

According to the Import and Export Department (Ministry of Industry and Trade), it is estimated that in June 2024, Vietnam will export cashew nuts to 65 thousand tons, worth 388 million USD, down 4% in volume, but up 4.8% in value compared to May 2024, up 8.4% in volume and 13% in value over the same period last year.

Generally, in the first 6 months of 2024, Vietnam's cashew nut exports reached 350 thousand tons, worth 1.92 billion USD, up 25% in volume and 17.4% in value over the same period last year.

In June 2024, the average export price of Vietnam's cashew nuts is estimated at 5,973 USD/ton, up 9.2% compared to May 2024 and up 4.2% compared to June 2023. However, accumulated in the first 6 months of 2024, the average export price of Vietnam's cashew nuts is estimated at only 5,496 USD/ton, down 6.1% over the same period last year.

Although exports recorded a double-digit growth rate in the first half of 2024, Vietnam's cashew industry is facing fluctuations in raw material prices.

The Vietnam Cashew Nut Association (Vinacas) said that recently received information from businesses about not receiving enough raw materials from partners who are West African countries in the face of a sharp increase in raw cashew prices. The reason is that cashew nut production in West Africa has decreased and some countries such as Ivory Coast have applied a policy of suspending exports of raw cashew nuts to support domestic cashew nut factories.

Faced with the above situation, Vinacas has a written proposal to the Government and relevant ministries to remove difficulties for the cashew industry, including the impact of African countries lifting the ban on raw cashew exports. With the Ministry of Agriculture and Rural Development, Vinacas proposes to pay attention to the development of cashew raw material areas, the development of high-quality and high-yield cashew varieties. This will help cashew processors reduce their dependence on imports.

Source: haiquanonline.com.vn