Cashew exports hit record high of over US$300 million in August

Sunday, 17/09/2023 09:46
Vietnam’s cashew exports in August alone reached a new record high of 60,580 tonnes worth US$333.83 million, according to figures released the Ministry of Industry and Trade.

These statistics represent a rise of 10.8% in volume and 9.7% in value compared to the previous month, whilst marking an increase of 29.2% in volume and 21.8% in value against the same period from last year.

During the eight-month period, the country shipped nearly 395,600 tonnes of cashew worth US$2.28 billion, up 15.5% in volume and 11.3% in value compared to the same period last year.

The average export price of Vietnamese cashew in August reached US$5,510 per tonne, down 1% compared to July and a drop of 5.7% compared to August, 2022.

Meanwhile, the average cashew export price during the eight-month period stood at US$5,760 per tonne, down 3.6% on-year.

Most notably, cashew nut exports to several major markets such as China, Germany, the UK, the United Arab Emirates, and Saudi Arabia witnessed a sharp increase compared to the last year’s corresponding period.

This year, the cashew industry aims to rake in more than US$3.1 billion from exports. The sector continues to face a number of challenges as factories must depend on 50% to 60% of imported raw materials.

In order to deal with this problem, the key solution for the sector is to improve the overall yield and general quality of Vietnamese cashew trees moving forward, according to experts./.

CPV (Source: VOV)