According to Vietnam’s Ministry of Industry and Trade, it is estimated that Vietnam’s cashew exports in 2021 to the EU market reach 135,000 tons, worth 816 million USD, up 16.5% in volume and 7.9% in value over the previous year 2020.
EU’s Demand for Cashew Nuts Increase
The above positive growth is due to the EU’s demand for Vietnam cashew nuts in the last month of the year reaching a high level according to the cyclical factor, in order to serve the Christmas and New Year holidays. Notably, the structure of Vietnam’s cashew exports to the EU market has generally fluctuated. In addition to focusing on exporting the main types of cashew nuts W320 and cashew W240.
Vietnam W320 Cashew The Most Exported Product to the EU Market
In the first 11 months of 2021, W320 cashew nut is the most exported product to the EU market, accounting for 60.6% of the total volume and 67.8% of the total value, reaching 74,230 tons, worth $497.71 billion, up 9.9% in volume but down 1.7% in value over the same period in 2020. The export of many types of cashew nuts to the EU increased sharply, including cashew nuts W240, cashew nuts W180, DW, W210. In contrast, exports of some types of cashew nuts WS/WB, W450, LP, and SP decreased.
=> Related Article: Taiwan To Cut Import Tax on Vietnamese Cashew
Taxe Rate Imported Cashew Into EU from Vietnam = 0%
The tax rate for cashew nut processing products imported into the EU from Vietnam will be reduced to 0% immediately after the EU-Vietnam Free Trade Agreement (EVFTA) takes effect from August 1, 2020. This reduction is very important because before the EVFTA took effect, the tariff on cashew nuts imported into the EU from Vietnam fluctuated between 7-12%.
=> Related Article: How To Import The Cashew Nuts From Vietnam?
A brand specializing in the production and export of agricultural products in Vietnam. We have a black soldier fly farm in Tay Ninh and a cashew growing area in Binh Phuoc. The main export products of the company are: cashew nuts, cashew nut kernels, black soldier fly, frozen seafood, shrimp, prawns, catfish… from Vietnam.