Vietnam, the world’s second largest cashew nut exporter, earned some US$520 million from exporting more than 130,000 tons of cashew nuts in 2006.
This year’s revenue was up by US$35 million compared with 2005, even though export prices had fallen by 10 per cent, the Vietnam Cashew Association (Vinacas) said.
The figure, however, is $100 million lower than the country’s initial plan.
General Secretary of Vinacas, Nguyen Van Lang said some of Vietnam’s cashew exports were imported from Africa because of poor local harvests. But he did not give exact figure.
Vietnam’s total output in 2006 was only 280,000 tons, 70,000 tons lower than last year’s figure.
The US is now the biggest consumer of Vietnamese cashew nuts, accounting for 41 per cent. Following are China and EU with 22 per cent and 21 per cent, respectively.
Vinacas expects exports to reach US$700 million next year.
Cashew is one of the country’s 10 largest farm exports, among rubber, rice, coffee, pepper and tea.
Vietnam will expand total cashew cultivation area to 450,000 hectares by 2010, from the current 350,000ha.
In other news, Techcombank promised to reserve around VND600 billion for local cashew enterprises who do over 80 per cent of transactions via the bank in 2007, to help improve export quality of cashew products.
Presently, Techcombank is supporting nearly 15 cashew enterprises with around VND350 billion.
Vietnam & World Economy
Vietnamese
