German market projected to bode well for Vietnamese cashew exports in 2022
Vietnam is forecast to see positive prospects for its cashew exports to Germany in 2022 thanks to higher demand in the market and advantages brought about by the EU-Vietnam Free Trade Agreement (EVFTA), the Ministry of Industry and Trade's Export and Import Department has said.
Hanoi (VNA) – Vietnam is forecast to see positive prospectsfor its cashew exports to Germany in 2022 thanks to higher demand in themarket and advantages brought about by the EU-Vietnam Free Trade Agreement(EVFTA), the Ministry of Industry and Trade's Export and Import Department has said.
According to the agency, Vietnam is a top cashew exporter ofGermany thanks to its stable supply and assured quality.
Per statistics from the International Trade Centre, due toCOVID-19, in the first nine months of 2021, Germany imported from Vietnam 28,230tonnes of cashew worth 201.21 million USD, down 1.7 percent in volume and 7percent in value on-year. However, Vietnam's market share of the nut inGermany's total imports still increased to 62.46 percent, compared to 57.51percent recorded in the same period last year.
The Vietnamese department said Germany is the largest cashewimporter in the EU. Its demand for cashew continuously increasesdue to high demand from the local food processing industry and finalconsumers.
Data from the Mordor Intelligence showed that Germany’s cashew demand will rise by 4.1 percent annually on average during 2020 –2025./.
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Processing cashew for export. (Photo: VNA) 
