09:58 | 08/01/2018 Trade
The export turnover of 353,000 tons of cashew in 2017 touched US$3.52 billion, the highest level ever recorded, according to the Ministry of Agriculture and Rural Development.
|Workers process cashew for exports - Photo: VNA|
The figure represents a 23.8 percent rise compared to the value in 2016.
The largest consumers of Vietnamese cashew were the US, the Netherlands and China with market shares of 35 percent, 15.6 percent and 12.9 percent, respectively.
Strong growth in export revenue was seen in Russia (56.3 percent), the Netherlands (44.7 percent), Thailand (41.4 percent), the US (27 percent), the UK (24.8 percent) and Israel (13.5 percent).
Exported cashew prices experienced a spike spurred by increasing demand but limited supply. The price of processed cashew nut surged 22.3 percent year on year to more than US$9,900 per ton.
Due to unfavourable weather conditions which hurt cashew production, domestic businesses spent US$2.53 billion on imports of 1.28 million tons of raw cashew from Africa, Cambodia and Laos to meet export requirements.
In the last five years, Vietnam has become the world’s leading cashew processing centre with 1.6-1.7 million tons of raw cashew compared to 3.4 million tons worldwide.
To reduce heavy reliance on cashew imports from African countries at high prices, Vietnam decided to invest in cashew cultivation in Cambodia, said Nguyen Duc Thanh, Chairman of the Vietnam Cashew Association (VINACAS).
Earlier, the VINACAS provided 1.5 billion (66,000 USD) to the Cambodian Ministry of Agriculture, Forestry and Fisheries to grow one million cashew trees on 500,000 hectares.