Cashew nut exports to EU likely to inch up 15% this year
Vietnamese businesses are expected to export 155,000 tonnes of cashew nuts worth US$900 million to the European Union in 2022, representing a rise of 15% in volume and 10% in value compared to 2021, according to forecasts set out by the Ministry of Industry and Trade.
Last year witnessed businesses ship 135,000 tonnes of cashew nuts worth US$816 million abroad, an increase of 16.5% in volume and 7.9% in value compared to the previous year, despite complicated developments of the COVID-19 pandemic causing several difficulties in production, customs clearance, and high freight rates.
This positive growth can largely be attributed to high demand for the nuts in the EU market throughout the Christmas and New Year period.
There have been significant changes occurring in the export structure of cashew nuts to the market, with a specific focus on the types of W320 and W240, especially high-added value products such as W180.
At present, the EU makes up the country’s second largest cashew nut export market, accounting for 23% of the entire sector’s total volume and 22% of its total value.
Local cashew nut exports to the bloc have enjoyed a zero tax rate since the enforcement of the EU-Vietnam Free Trade Agreement (EVFTA) back in August 1, 2020.
This move has helped the local cashew industry increase exports to the demanding market and contributed to expanding its market share in several niche markets over the coming year.
