Switzerland increases import of Vietnamese cashew nuts
Switzerland increased its imports of cashew nuts during the 2016 to 2020 period, with imports from the Vietnamese market enjoying a significant growth rate.
According to data released by the International Trade Center (ITC), Switzerland's cashew imports throughout the reviewed period saw annual growth of 13.6% in volume and 12.9% in value, climbing from 1,900 tonnes worth US$18.98 million in 2016 to 3,120 tonnes worth US$28.24 million in 2021.
In terms of the figure, Switzerland's cashew nut import rate from the Vietnamese market witnessed an increase of 20.4% per year in volume and 19.8% per year in value, rising from 742 tonnes worth US$7 million in 2016 to approximately 1,500 tonnes worth US$12.33 million last year.
During the first half of this year, the Central European country moved to increase its cashew nut imports from Vietnam, the Ivory Coast, and Benin, although they reduced their imports from both India and the Netherlands.
Statistics indicate that Swiss cashew nut imports from the Vietnamese market during the reviewed period reached 777 tonnes valued at US$6.52 million, representing an increase of 40.4% in volume and 35.6% in value compared to the same period from last year.
At present, Vietnamese cashew nuts have a competitive advantage in the Swiss market due to the country’s growing cashew nut market share, with Switzerland’s total imports soaring from 38.58% in the first half of last year to 53.16% this year.
