+84 (24) 3200 3356Cashew industry market in the first 7 months of 2020 – August, 2020
According to statistics from the Vietnam Cashew Association, Vietnam’s cashew exports in June 2020 reached 42,410 tons and in the first 6 months of the year, it reached 232,433 tons, or an increase of about 16.23% over the same period in 2019. Along with that, cashew nut export turnover reached USD 1,526,681.696, equivalent to an increase of 1% over the same period last year.
The US, the Netherlands, and China are still the three markets that import cashew nuts from Vietnam. In July, our country exported 10,721.07 tons of cashews to the US with a value of USD 61,934,202.79. Next is the Chinese market, the volume of cashew kernel imports from Vietnam in July 2020 is 4,146.66 tons, equivalent to a value of $ 22,617,903.23. Market ranked third is the Netherlands, Vietnam has exported 5,794.14 tons of cashews with a value of 35,667,932.75 USD.
By the end of the first 7 months of 2020, the bleak situation took place in most markets. In China, this country is under the double effects of the Covid-19 pandemic and the raging floods, leading to a less beautiful picture of the market. Besides, because this year has Nhuan month, the import of cashew kernels for the confectionery industry will come later. As for the US and European markets, in addition to the impact of the Covid-19 epidemic, the need for cashew nuts is considered to be strongly affected by the deep reduction of other nuts – dried fruits in the same segment: almonds. kernel, walnut,…
Will the cashew export market flourish in the last months of the year – the period when countries increase imports to serve year-end demand – or not? No one can foresee how long the market needs and how long Covid-19’s impact on the cashew industry will last?