Vietnam's cashew nut export may maintain considerable growth in the third quarter of 2021

Vietnam's business daily reported on August 2 that due to the increase in import demand of the United States and the European Union due to cyclical factors, Vietnam expects cashew nut exports to maintain a considerable growth in the third quarter of this year.

According to the import and Export Bureau of the Ministry of industry and trade of Vietnam, it is expected that the export volume of cashew nuts in Vietnam will reach 50000 tons in July this year, with an export volume of 324 million US dollars, down 14.9% and 12.3% respectively month on month; Year on year growth of 19.6% and 33.5% respectively. Overall, in the first seven months of this year, the export volume of cashew nuts in Vietnam reached 324000 tons and the export volume reached US $1.97 billion, with a year-on-year increase of 21.4% and 14% respectively.

In the first five months of this year, the United States reduced cashew nut imports from the Vietnamese market, with imports of only US $341.61 million, down 17.7%. In the first five months of this year, Vietnamese cashew nuts accounted for 87.64% of the total cashew nuts in the United States, down from 88.22% in the first five months of 2020.

In contrast, in the French market, imports from Vietnam increased significantly in the first five months of this year, with a year-on-year increase of 36.2% to US $34.41 million. In the first five months of this year, Vietnamese cashew nuts accounted for 64.99% in the French market, higher than 55.41% in the first five months of 2020.

In the first five months of this year, Japan's imports of cashew nuts from India decreased significantly by 22.8% to US $19.14 million. In contrast, Japan increased imports of cashew nuts from Vietnam, up 4.5% to US $12.92 million. In the first five months of this year, Vietnamese cashew nuts accounted for 38.97% of the Japanese market, higher than 33.09% in the first five months of 2020. It can be seen that the consumption tendency of Japanese consumers has gradually shifted from Indian cashew nuts to Vietnamese cashew nuts.

Source: Business Office of the Consulate General in Ho Chi Minh City