VietNamNet Bridge – Vietnam’s cashew sector set records with its 2014 export revenue exceeding 2 billion USD for the first time, securing its place as the world’s top cashew exporter for the ninth straight year.

Workers process cashew for export (Photo: VNA)

The Vietnam Cashew Association (Vinacas) reported that roughly 306,000 tonnes of cashew kernels were shipped abroad in 2014, generating more than 2 billion USD and representing an annual increase of 17.4 percent. Annual revenue grew by 21.9 percent.

Including the export of by-products such as shell oil and other value-added products, the total industry’s revenue reached 2.2 billion USD, Vinacas said, noting that the cashew export price averaged 6,553 USD per tonne in 2014, up nearly 3.8 percent from the previous year.

Vietnamese cashew is currently exported to 50 countries; 30 percent of the total exports are destined for the US, 25 percent heading to European markets, and 20 percent to China.

Domestic enterprises also imported around 700,000 tonnes of raw cashew to ensure material supply for processing and export, raising the total volume of processed cashew kernel last year to 1.2 million tonnes, the association said.

Such high figures marked the cashew as a staple agricultural export of Vietnam, following rice, rubber, and coffee.

However, Vinacas Chairman Nguyen Duc Thanh forecast an array of difficulties in 2015, such as the depreciation of some foreign currencies which will likely affect export, India and China’s new cashew processing industries for their cultivation areas in Africa, and stricter hygiene and quality requirements.

To further expand markets, Vinacas plans to step up promotional activities in the US, help its member firms improve their product quality and hygiene, and organise an international cashew conference this year.

It targets 350,000 tonnes of cashew kernel exports and 2.5 billion USD in revenue in 2015.

VNS