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  • Since early this year, Vietnam sold more foreign currency revenue cashews than crude

    May 26th, 2016

    From the beginning of this year, Vietnam cashews sold more foreign currency revenue than crude oil

    Since early this year, Vietnam sold more foreign currency revenue cashews than crude

    Calculation, for every ton of cashew nuts sold in the past four months, the proceeds equivalent to 26.4 tonnes of crude oil was scooped up for sale.

    Cashews are increasingly asserted its position in the export basket of agricultural products from Vietnam.

    According to data from the General Administration ai Quan H, last year Vietnam has exported nearly 329 thousand tons of grain, up 8.7% in volume compared to 2014, bringing in more than $ 2.4 billion, up more than 20% of value.

    With this result, Vietnam continues to hold the throne exporting country that the world's largest, with 50% market share of global conditions.

    Good news from cashew exports become more valuable when placed in the context of exports billion as our major fisheries, rice and coffee have declined in the past year.

    In the import market of cashew nuts from Vietnam, the US is the largest market, accounting for over 30% of exports and 50% of cashew kernels market share of Vietnam. By 2015, this market consumed 111.7 thousand tons of Vietnam, worth 825 million USD.

    This positive situation of the domestic industry continues to be maintained during the first months of this year.

    A total of 4 months of 2016, Vietnam exported 90.6 thousand tons of things to the world, bringing in foreign currency amount worth 688 million (up 14.7% over the same period in 2015), more amount of foreign currency which brings crude oil and 83% or more than the total export turnover of the whole thing last year.

    Calculation, for every ton of cashew nuts sold in the past four months, the proceeds equivalent to 26.4 tonnes of crude oil.

    Needless to say, movements in world oil prices fell sharply in the first months had significant impact on crude oil exports of Vietnam. Crude oil exports reached approximately 4 months to 2.4 million tons, worth 683 million, down 25% in volume and 51.7% in value compared to the same period in 2015.

    The contribution of crude oil into the budget so also plummeted to 13 trillion, accounting for only 4% of total revenue 4 months.

    Chau Anh


    Source: Intellectual Youth / CafeBiz