- Vietnam hopes to cash in on cashew exports to the U.S. after Obama visit
- Vietnam to import 870,000 tons of cashew nuts in 2016 as domestic supply falls short
The Vietnam Cashew Association said that this year, the world’s largest cashew exporter will produce about 400,000 tons of nuts, down 20 percent from last year’s figure.
The processing capacity of Vietnamese firms is around 1.3 million tons per year, driving local processors to look for cashew supplies from other markets like Cambodia and Africa.
The association added that Vietnam has set a goal to export 350,000 tons of cashew products this year to fetch $2.5 billion, so it is important for the country to secure stable cashew supplies.
Last year, the country imported 853,000 tons of cashew nuts worth $1.12 billion, up 48 percent in volume and nearly 73 percent in value compared to 2014.
The Ministry of Agriculture and Rural Development has instructed authorities to find a way to increase output of cashew plantations from 0.3 tons per hectare to two tons in order to reduce Vietnam’s dependence on cashew imports.
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