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Vietnam cuts cashew export goal amid low demand

HANOI, July 28 (Xinhua) — Vietnamese cashew trade has lowered its export goal for this yr to three.05 billion U.S. {dollars}, which is 750 million {dollars} decrease than the Ministry of Agriculture and Rural Development’s goal, amid difficulties in exports, native newspaper Vietnam News reported on Friday.

The trade has been experiencing difficulties posed by geopolitical crises, financial tightening by central banks globally, inflation, decrease demand in key markets, and shoppers tightening their purse strings, the newspaper reported, citing the Vietnam Cashew Association.

It is necessary to strengthen promotions to spice up exports to key markets together with those who have free commerce agreements with Vietnam, the newspaper quoted Pham Van Cong, the affiliation’s chairman, as saying.

The affiliation would set up a commerce promotion program in Japan on the finish of this yr, the International Cashew Conference in Vietnam’s Quang Binh province within the first quarter of subsequent yr, and a commerce promotion program in China subsequent yr, he stated.

It additionally known as for insurance policies to assist enterprises enhance applied sciences and gear, pace up digital transformation, spend money on intensive processing, develop natural cashew, make cashew shell oil, and diversify exports.

More than 279,000 tons had been exported for 1.6 billion {dollars} within the first half of 2023, up 7.65 % year-on-year. The common export value was down by 1.73 % to five,717 {dollars} per ton, based on the affiliation.