(HSV VIETNAM GROUP) – Import-Export Department: Cashew nut exports will flourish from the third quarter, many businesses have full orders until the end of the year
HSV Vietnam Group Joint Stock Company, with the orientation of becoming a multi-industry group company, quick to learn and exploit the business market, has quickly participated in a potential market. Trading and exporting cashew nuts is the field that the Company participates in and is expected to reap many successes in the coming time because the market is having extremely good and stable predictions during this time.
The Import-Export Department forecasts that in the third quarter, Vietnam's cashew exports will increase thanks to cyclical factors and increased import demand from the US and EU. Currently, many units have to increase processing capacity to keep up with orders signed for the last two quarters of the year.
A report from the Import-Export Department (Ministry of Industry and Trade) shows that Vietnam's cashew exports in the second quarter reached 167,930 tons, equivalent to 985 million USD, up 51% in volume and 52% in value compared to the first quarter of 2023. However, this quarter's cashew exports increased by 16% in volume and 12% in value compared to the same period in 2022.
In the first 6 months of this year, cashew exports reached 279,430 tons, equivalent to 1.63 billion USD, up 12% in volume and 9% in value compared to the same period last year.
The Import-Export Department forecasts that in the third quarter, Vietnam's cashew exports will increase thanks to cyclical factors and increased import demand from the US and EU. Currently, domestic factories have signed many new orders and demand for this product has begun to increase again.
"Production activities are vibrant, many units have to increase processing capacity to keep up with signed orders for the last two quarters of the year. Improving quality, product diversity and making good use of opportunities from the market will help Vietnam's cashew industry continue to grow and breakthrough," the Import-Export Department recommended.
Regarding the market, the Import-Export Department said that cashew exports in the second quarter to all regions of the world increased sharply compared to the first quarter. In particular, the export rate to the Asian region increased the most by 64%; followed by exports to the Americas increasing by 50%.
Cashew exports to most traditional and potential markets increased, except the United Arab Emirates. The export rate of cashew nuts to the US, China, EU, UK, Australia, and Canada markets is growing from two to three digits.
Compared to the second quarter of 2022, cashew exports to Africa increased the most by 21.5%, followed by Oceania by 18.5%; Asia increased by 13%. Cashew exports to most markets increased, except for the UK, United Arab Emirates, and Israel.
Ha Diem