Vietnam leads among cashew exporters for forth year

Vietnam shipped about 179,000 tonnes of cashew during the first 11 months of 2010, earning $1 billion, up 11 percent in volume and 31.9 percent in value against one year earlier, according to data from the Agricultural Statistics and Information Department (ASID) under the agriculture and rural development ministry.

Vietnam’s export price of cashew averaged at $6,600 per tone, growing 27 percent year-on-year, according to the state newspaper Thoi Bao Kinh Te Vietnam.

“This is the first time the sector joined Club $1 billion and the forth straight year Vietnam surpassed India to maintain the world’s leading cashew exporter”, said Nguyen Thai Hoc, chair of Vietnam Cashew Association (Vinacas).

Vietnamese cashew is exported to 52 countries and territories, including US who makes up 35 percent market share, China 20 percent and EU 25 percent.

With the growth momentum, Vietnam Cashew Association forecasted that in 2010, the sector will export 198,000 tonnes of cashew bean to earn $1.135 billion, a year-on-years rises of 11.8 percent and 34 percent, respectively.

The cashew export in 2011 is targeted at $1.5 billion in value, up 32 percent on year.

“This target is hard to be reached amid the rising input material costs, labour shortage, and increasing processing costs.However, Vinacas expects local and foreign favourable markets in 2011 will create better conditions for Vietnam to achieve targets”, Hoc believed.

Lately, the association has finished a draft on cashew development strategy till 2015 and vision to 2020 for submission to prime minister and relevant agencies within this year. – Vietbiz24

Tags: Vietnam cashew, Vietnam Cashew exports