Vietnam’s cashew exports to the European Union have seen a 15% rise.
The Ministry of Industry and Trade in Vietnam has projected that the country’s cashew exports to the EU in 2021 amounted to 135,000 tons, valued at 816 million USD.
This represents a 16.5% increase in quantity and a 7.9% rise in value compared to the previous year’s exports in 2020.
The demand for cashew nuts from the EU has also surged.
This growth can be attributed to the EU’s high demand for cashew nuts in the year’s final months, driven by the need to meet the demands of Christmas and New Year festivities.
It’s worth noting that the pattern of Vietnam’s cashew exports to the EU market has been variable. The focus has been primarily on exporting the main varieties of cashew nuts, namely W320 and W240.
Vietnam’s W320 Cashew is the Top Imported Item to the European Union Market
In the initial 11 months of 2021, Vietnam’s W320 cashew nut emerged as the leading export item to the European Union (EU) market, capturing 60.6% of the total volume and 67.8% of the total value, amounting to 74,230 tons valued at $497.71 billion, which marked a 9.9% increase in volume but a 1.7% decrease in value compared to the same period in 2020.
The export of various cashew nut varieties to the EU saw a significant rise, including W240, W180, DW, and W210. Conversely, the export of certain cashew nut varieties such as WS/WB, W450, LP, and SP declined.
Import Duty on Cashews into the EU from Vietnam = 0%
Import Duty on Cashew Nuts from Vietnam to EU to be Halved Imported cashew nut processing products from Vietnam to the EU will face a halving of import duty immediately following the implementation of the EU-Vietnam Free Trade Agreement (EVFTA) on August 1, 2020. This duty reduction is crucial as before the EVFTA, the import tariff on cashew nuts from Vietnam varied between 7-12%.
