Vietnam Earns Export Revenues of $1.14B from Cashew in 2010

Vietnam has retained its top cashew exporter in the world market for the fourth consecutive year after the local firms posted revenues of $1.14 billion from exporting 196,000 tons of cashew nuts last year. 

 

The figures represented year-on-year increases of 10.8% in volume and 13.4% in value, according to the Ministry of Agriculture and Rural Development.

 

The year of 2010 marks the first year the cashew sector joined the country’s group of export staples having revenues of above $1 billion.

 

Nguyen Thai Hoc, Chairman of the Vietnam Cashew Association (Vinacas), said Vietnamese cashew nuts have penetrated into 52 countries and territories worldwide. The U.S., China and the EU still remained the country’s major import markets with market share making up 35%, 20% and 25%, respectively.

 

Vietnam planned to earn $1.5 billion from cashew exports in 2011, Chairman Hoc said, noting that this was a “hard task” due to several obstacles from the shortage of materials and labors to undiversified products and increasing processing costs.

 

The country has to import about 250,000 tons of raw cashew nuts each year as its total output of about 350,000 tons can meet only 60% of processors’ demand, Chairman Hoc added.

 

To reach sustainable development, the cashew sector set a target of keeping the growing area at 315,000 hectares-350,000 hectares in 2020, focusing on the southeastern region, the Central Highlands and the southern central coastal region. (VNA)