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Vietnamese cashew nuts see many prospects in German market

09/12/2021    55

The prospect of Vietnamese cashew exports to the German market will be positive in 2022, while German’s increasing demand for cashew imports is expected to create a positive impact on Vietnam's cashew industry.

According to the Import-Export Department (Ministry of Industry and Trade), Germany imported 28,230 tonnes of cashew nuts worth 201.21 million USD from Vietnam in the first nine months of 2021, down 1.7% in terms of volume and 7% in terms of value compared to the same period in 2020, which was mainly due to the COVID-19 pandemic.

However, the reduction in imports from Vietnam was still lower than decreases of imports from India and the Netherlands.

Vietnam's cashew market share in Germany's total imports still increased from 57.51% in the first nine months of 2020, to 62.46% in the first nine months of 2021.

Germany is currently the largest cashew nut import market within the European Union (EU), accounting for about 29% of the total volume and turnover for the EU.

Vietnam remains the leading supplier of cashew nuts to the German market, thanks to stable supply and guaranteed quality.

The prospect of Vietnam's cashew exports to the German market is forecast to be positive in 2022, thanks to the advantages of the EU-Vietnam Free Trade Agreement (EVFTA) and Germany’s increasing demand for cashew imports.

According to information from the site https://www.mordorintelligence.com, Germany's cashew nut consumption demand will grow by an average of 4.1% in the 2020-2025 period. Cashews are mainly used in the German market as a salt-roasted snack and are also used for a number of products throughout the food industry as seen in recent times.

Source: Nhan Dan Online