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Vietnam Exports US$;430 MLN Worth Of Cashew Nuts
HANOI, Jan 7 Asia Pulse - Vietnam expected to make US$430 million in exporting more than 105,000 tonnes of cashew nuts last year, the Ministry of Trade (MoT) reported.
Those numbers increased by 23 per cent in volume and 52 per cent in value over the previous year, the ministry said.
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The high price of Vietnam's export cashews was responsible for the growth, as well as the high global demand for the nuts. The average export price in 2004 surged by $500-600 per tonne to $4,100. It now stands at $4,600-4,700, the association said.
Apart from traditional markets such as the US and China, the sector has stretched its outlets to Australia, the Netherlands, the UK, Canada, Russia and Western European countries.
Cashew exports to the US were estimated to have reached their largest value ever last year, at $180 million, an increase of 76.7 per cent over the previous year, the ministry said. The cashew export value to China was expected to increase to $64.5 million.
The acreage of cashew crop has been expanded to more than 350,000ha with an average yield of 1.1 tonnes per hectare. Cashew growers in southern Dong Nai, Binh Duong, Binh Phuoc provinces have been particularly successful with a yield of 1.5-2.5 tonnes per hectare.
The Vietnam Cashew Association members believed that the State should pay more attention to cashews in order to make it one of Vietnam's strategic items for export.
They asserted that Vietnamese cashew nuts enjoy a competitive advantage in the world market in terms of output volume and pricing.
Vietnam now is the second largest cashew nut exporter in the world after India. The MoT estimated that the sector will earn a turnover of $470 million this year.
