Vietnam's cashew industry dominates the Turkish market

Thứ Sáu, 14/5/2021| 17:07

The proportion of Vietnam's cashew nut market share in the total import volume of Turkey accounted for 92.58%, much higher than in the first two months of 2020. Vietnam's cashew industry is dominating the Turkish market.

Vietnam's cashew industry dominates the Turkish market

In the first two months of the year, Turkey's cashew imports reached 1.86 thousand tons, worth $8.48 million, up 140.6% in volume and 108.8% in value over the same period in 2020.

The Import-Export Department (Ministry of Industry and Trade) cited statistics from the International Trade Center showing that Turkey's cashew imports in the 2016-2020 period grew by an average of 20% per year, from 5.58 thousand tons in 2016 to 9.3 thousand tons in 2020. Of which, Turkey's cashew imports from Vietnam in the 2016-2020 period increased on average 88.1%/year, from 762 tons in 2016 to 8.5 thousand tons in 2020.

In 2020, the complicated development of the Covid-19 epidemic caused Turkey to continuously implement social distancing measures, forcing people to stay at home, causing demand for nut products such as cashews to increase sharply. 

In the first two months of 2021, Turkey's cashew imports reached 1.86 thousand tons, worth 8.48 million USD, up 140.6% in volume and 108.8% in value compared to the same period last year in 2020. The average import price of Turkey's cashew nuts in the first two months of 2021 reached $4,556/ton, a decrease of 13.2% over the same period in 2020. In which, the average import price of cashew nuts in Turkey from Vietnam and Mozambique fell.

In the first two months of 2021, Turkey increased its imports of cashews from Vietnam, but reduced imports from Mozambique. Turkey's cashew imports from Vietnam reached 1.72 thousand tons, worth 7.82 million USD in the first two months of 2021, up 157.1% in volume and 122% in value over the same period in 2020. Vietnam's cashew nut market share in total imports of Turkey accounted for 92.58% in the first two months of 2021, much higher than 86.65% in the first two months of 2020. 

The Vietnamese cashew industry has dominated the Turkish market. The fact that Vietnamese enterprises exploit the Turkish market well is the right direction in the context of increasingly harsh competition in the EU major markets.

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