Cashew nut exports up in volume, value
(VOV) - Exports of cashew nuts jumped 7.3% in volume and 19.2% in value year-on-year for the ten months leading up to November 2015, according to the latest statistics of the Vietnam Cashew Association (VINACAS).
For the period January-November, VINACAS estimated that cashew processors shipped roughly 300,000 metric tons of the precious nuts to foreign markets, generating US$2.18 billion in total revenue.
In November alone, consignments to overseas markets tallied in at 25,000 metric tons valued at US$186 million.
The US, the largest export market, accounted for a 35.39% market share trailed by China at 13.38% and the Netherlands at 12.85% for the 11 month period.
VINACAS has updated its forecast for calendar year 2015 to reach US$2.5 billion.
Despite the good top line figures, the industry continues to place an overreliance on imported raw materials as its producers import all raw product in excess of 500,000 metric tons from Africa and Cambodia, drastically impacting bottom line earnings.