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Vietnam's cashew exports set to reach record high of 3 bln USD in 2016

Xinhua, November 14, 2016 Adjust font size:

Vietnam's cashew exports are expected to reach a record high of 3 billion U.S. dollars in 2016, with kernel accounting for 2.8 billion U.S. dollars, according to the Ministry of Industry and Trade on Monday.

In the first 10 month of this year, the country exported 290,000 tons of cashew worth 2.32 billion U.S. dollars, a year-on-year increase of 5.5 percent in volume and 16.4 percent in value, said the ministry.

Vietnam currently accounts for half of the world's cashew exports, and has been the leading exporter for the last 10 years.

Its cashew products are exported to 80 countries and regions, with the United States, Europe, and China being the main markets.

However, Nguyen Duc Thanh, chairman of the Vietnam Cashew Association said on the state-run news agency VNA that the Vietnamese cashew industry is facing high risk due to its massive reliance on imported raw materials, which also makes it hard for processors and exporters to control quality or food safety and hygiene.

During the 2013-2016 period, demand for raw nut imports doubled, Thanh said, adding that the quality of raw cashew imported from Africa had been lower this year compared to last, affecting Vietnamese exporters.

The insider proposed local companies to have a strategy on developing raw material sources, and be more careful about importing raw nuts. Endit