(ĐN)- Dong Nai's cashew exports in the first seven months of this year down by 21.2 percent in value to US$153 million year-on-year, reported the Department of Industry and Trade.
(ĐN)- Dong Nai’s cashew exports in the first seven months of this year down by 21.2 percent in value to US$153 million year-on-year.
According to the Vietnam Cashew Association, the Russia-Ukraine conflict is a major cause for the falling exports, as Russia was the 14th largest importer of Vietnamese cashews and the conflict had the country cut off from the SWIFT system, causing payment difficulties for Vietnamese exporters.
Another cause is the mounting inflation in the US and EU. Higher inflation leads to higher prices for essential items, leaving consumers with no choice but to cut back on non-essential items, such as cashew nuts. The demand for Vietnamese cashew fell accordingly.
In addition, China is sticking to its zero-COVID policy, holding back the importation of the Vietnamese nuts.
In July only, cashew exports earned the province US$23 million, reported the Department of Industry and Trade.
Reported by L.P
