Vietnam imports 450,000 tons of raw cashew

Vietnam plans to import 450,000 tons of raw cashew, or 20 percent higher than the country’s domestic yield.

It’s aimed at achieving an export value of US$1.4-1.5 billion this year, according to Vietnam cashew Association (Vinacas).

Local processors will have to import more raw cashew mainly from Africa.

Local output this year is forecast to fall by some 20 percent compared to last year.

Vietnam imported nearly 405,000 tons of raw cashew last, or some 54 percent of total demand, with a value of US$400 million.

Vietnam can’t maintain its position as the world’s top cashew exporter if the country still relies on raw material import for over 50 percent of its demand.

It purchases raw cashew from Ivory Coast, Nigeria, South Africa, Indonesia and Cambodia for processing.

The country last year exported about 97 percent of its processed cashew nut output, with 40 percent to the US, 20 percent to China, and 20 percent to EU.

tuoitrenews, vneconomy

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