Annual cashew nut export goal lowered to 3.2 billion USD
The Vietnam Cashew Association (Vinacas) has decided to lower the cashew nut export target to 3.2 billion USD this year, down from the 4 billion USD set in late 2019, given the impact of COVID-19.
HCM City (VNA) - The Vietnam Cashew Association (Vinacas) hasdecided to lower the cashew nut export target to 3.2 billion USD this year,down from the 4 billion USD set in late 2019, given the impact of COVID-19.
Exports reached 232,000 tonnes in the first half, up more than 16percent year-on-year, while value rose just 1 percent to 1.53 billion USD, as exportprices slumped by nearly 14 percent.
Demand in China fell nearly 30 percent in volume and while value wasdown 44 percent. The US and European markets, however, still performed well.
Vinacas Chairman Pham Van Cong said export inventories remain high whiletrade disputes are on the rise due to falling prices.
According to the association, it is difficult to accurately forecastdemand for cashew nuts between now and year’s end. Consumption at accommodationfacilities and restaurants has fallen strongly due to the introduction of socialdistancing measures.
The importation of raw cashew nut materials was also hit by COVID-19,with importers not only facing a delay in delivery but also receiving lower-qualityproducts compared to previous crops.
Vinacas has proposed companiesimport and export better quality cashew nuts to overcome the ongoing difficulties./.
Farmers in Binh Phuoc province have begun to harvest their cashew crop and yields are higher than last year because of favourable weather and the efforts of authorities and farmers to prevent diseases.
Vietnam’s cashew nut producers will have to lower their 2020 export target of 4 billion USD as the impacts of COVID-19 make it extremely difficult to achieve, according to Pham Van Cong, Chairman of the Vietnam Cashew Association (Vinacas).
The Vietnam Cashew Association (Vinacas) has recommended cashew processing enterprises remain calm and try not to sell off their products to avoid potential losses.
Cashew nut exports experienced a decline in May but still increased during the first five months of 2020, according to the General Department of Vietnam Customs.
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Illustrative image (Photo: VNA) 
