Vietnam: Cashew nut opens the door to the EU

Published 2023년 3월 17일

Tridge summary

The European Union (EU), especially the Netherlands and Germany, is experiencing a surge in demand for cashew nuts, primarily due to the food processing industry and final consumer demand. In 2022, the EU imported over 174 thousand tons of cashew nuts, valued at EUR 1.15 billion, with Vietnam being the largest supplier. The EU-Vietnam Free Trade Agreement (EVFTA) has further reduced the tariff for cashew nut products from Vietnam to 0%. However, Vietnamese cashew nuts in the EU market are primarily in raw form, and there is potential for growth in roasted and spiced products, which are popular among EU consumers. Additionally, organic cashew products are highly favored in the EU, presenting a lucrative niche market for Vietnamese businesses.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The demand for cashew nut consumption in EU countries such as the Netherlands and Germany is constantly increasing because the food processing industry shows that this is a market with many opportunities, especially with the EVFTA. According to statistics from the European Statistical Office, in the 10 months of 2022, the EU imported 129.2 thousand tons of cashew nut from the EU market, worth EUR 842.95 million (equivalent to 915.95 million). USD), down 1.3% in volume, but up 12.3% in value over the same period in 2021. Advantages from EVFTA In which, Vietnam is the largest source of cashew nuts for the EU, importing 98.97 thousand tons, worth 643.91 million EUR (equivalent to 699.68 million USD), down 2.5% in volume, but increased by 9.8% in value over the same period in 2021. Vietnam's cashew nut market share in total EU imports increased slightly from 56.36% in 10 months of 2021 to 56.85% in 10 months of 2022. EU cashew imports in 10 months of 2022 reached over 174 thousand ...

Source: Vinacas