Vietnam Cashew Association (Vinacas) has recently reduced its target for cashew export turnover this year from US$1.5 billion to $1.02 billion.
In the first six months of this year, Vietnam exported 88,532 tons of cashew nuts, worth $602 million. Although cashew exports saw an increase of 28.2 percent in volume, and 13.98 percent in value compared to the same period last year, average export price only reached $6,826 per ton, down 8 percent over last year.
Meanwhile, the cashew industry is expected to face more difficulties as major markets like the US and the EU have not shown signs of improving, while the US and China set up technical barriers against products imported from Vietnam.
Domestically, cashew companies have been operating perfunctorily or have called a halt to their operations due to shortage of capital and decreasing area of cashew trees.
Vinacas said that the country’s cashew industry will need support from the Government to achieve revised target.
