Cashew nut exports to the EU are estimated to increase by 15% in volume in 2022. (Photo: congthuong.com.vn)
According to the Ministry of Industry and Trade, in 2021, Vietnam exported 135,000 tonnes of cashew to the EU, valued at 816 million USD, up 16.5% in volume and 7.9% in value year on year.
The above positive growth is due to the high demand for cashew nuts in the EU in the last month of the year, according to the cyclical factor, in order to serve the Christmas holiday and welcome the New Year.
Notably, the structure of Vietnam’s cashew exports to the EU market changed. In addition to focusing on exporting main types of cashew nuts W320 and W240, the Vietnamese cashew industry promotes export of high-value cashews such as W180.
In the Jan-Nov period of 2021, W320 cashew nut is the most exported product to the EU, accounting for 60.6% of the total volume and 67.8% of the total value. Accordingly, Vietnam exported 74,230 tonnes of W320 cashew nut to the market, worth 497.71 billion USD, up 9.9% in volume but down 1.7% in value from the same period in 2020.
In the 11 months, exports of many types of cashew nuts to the EU increased sharply, including: W240, W180, DW, and W210. In contrast, exports of the WS/WB, W450, LP and SP types of cashew nuts decreased.
The EU is now Vietnam’s second largest cashew nut export market, accounting for 23% of the total volume and 22% of the total value. Therefore, growth of cashew nut exports to the EU contributed significantly to the overall growth of the industry.
The tariff rate for products processed from cashew nut imported into the EU from Vietnam was reduced to 0% immediately after the EU-Vietnam Free Trade Agreement (EVFTA) took effect from August 1, 2020. This reduction is very important because before the EVFTA took effect, the tariff ranged from 7 to 12%./.