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Home / News / Cashew exports will face greater challenges as inflation escalates in the second half of 2022

Cashew exports will face greater challenges as inflation escalates in the second half of 2022

According to the Import and Export Department (Ministry of Industry and Trade), Vietnamese cashew exports fell by 21% in volume and 23% in value in June compared to the same month in 2021, reaching 46.5 thousand tons for a total value of 285 million USD. 

In the first half of the year, Vietnam exported 249 thousand tons of cashews with a value of 1.5 billion USD, a 9% reduction in both volume and value from the same period in 2021.

In the first half of the year, Vietnam exported 249 thousand tons of cashews for 1.5 billion USD, a 9% reduction in both volume and value from the same period in 2021

Because the market became less dynamic, the export price of cashew nuts remained unchanged in the first 6 months of the year compared to the same time in 2021, totaling 6,018 USD/MT. With export results in the first 6 months of the year, the Import-Export Department predicts that Vietnam’s cashew nut exports would continue to encounter challenges in the short term.

Monthly cashew nut export output from 2020 to 2022

Geopolitical tensions between Russia and Ukraine have had no influence on cashew exports from Vietnam. Because Vietnam’s cashew nut volume is mostly exported to the United States and the European Union, exports to Russia are at a low level.

However, high inflation in the United States and the European Union causes consumers to reduce their expenditures. In the context of the current economic crisis, many consumers are unlikely to choose high-priced products.

High inflation in the United States and the European Union causes consumers to reduce their expenditures”

Furthermore, due to escalating geopolitical tensions and high freight costs affecting import and export activities, Vietnam’s cashew industry is at risk of supply chain interruption. 

The Ministry of Agriculture and Rural Development set an export target of around US$3.8 billion for the cashew sector in 2022, an increase of US$200 million from 2021. However, in the face of difficulties, the Vietnam Cashew Association (Vinacas) has suggested reducing the export value target for the whole year to 3.2 billion USD, a 400 million USD decrease from 2021.

Sybil Agri is a prominent brand in the export of cashew nuts W180, W210, W240, W320, and W450. Please contact us immediately if you have any concerns.

See more about the report in agricultural market: https://sybilagri.com/market/ 

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