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According to preliminary statistics from the General Department of Vietnam Customs, the country imported 234,784 tons of cashew nuts in May, valued at over $272 million, a decrease of 22.3% in volume and 27.7% in value compared to the previous month. Cumulatively, in the first five months of the year, Vietnam imported over 1.1 million tons of cashew nuts, with a turnover of more than 1.4 million tons, an increase of 11.3% in volume and 4.4% in value compared to the same period last year.
Notably, Vietnam has become a major buyer of cashew nuts from Cambodia, accounting for over 98% of its production. According to Cambodia’s Ministry of Agriculture, Forestry, and Fisheries, the country had 435,733 hectares of cashew plantations in 2022, with 330,861 hectares yielding a production of 508,283 tons. In the same year, Cambodia exported 471,520 tons of raw cashew nuts and 1,557 tons of cashew kernels, earning over $1.07 billion. Of this, 98.5% of Cambodia’s cashew exports went to Vietnam.
In the first five months of this year, Cambodia continued to be Vietnam’s largest cashew supplier. By the end of May, the import volume of cashews from Cambodia reached 759,421 tons, valued at over $971 million, an increase of 39% in volume and 29% in value compared to the same period last year.
The average import price stood at $1,279 per ton, a decrease of 7% compared to the previous year.
In addition to Cambodia, Vietnam also imports cashew nuts from other markets, including Ghana, Indonesia, Nigeria, Tanzania, and Ivory Coast. In 2023, Vietnam imported 644,191 tons of cashew nuts from its neighboring country, valued at over $836 million, a decrease of 9% in volume and 23% in value compared to 2022. Thus, it can be seen that both the volume and turnover of imports in the first five months have surpassed the figures for the entire year of 2023.
Mr. Suy Kok Thean, Vice President of the Cashew Association of Cambodia, stated that Vietnam is the largest market for Cambodia’s unprocessed cashew nuts. However, in addition to Vietnamese traders, many other international traders have also come to explore and purchase cashew products from Cambodia. Mr. Suy Kok Thean expressed his hope that Cambodia could become one of the world’s leading cashew-exporting countries.
In terms of exports, Vietnam aims to achieve $4 billion in exports in 2024. Vietnam has maintained its position as the world’s largest exporter of cashew kernels for 16 consecutive years, accounting for nearly 80% of global production.
Vietnam processes 3.5 – 4 million tons of cashew nuts by purchasing raw materials for processing and exporting kernels. Notably, 90% of these raw materials are imported, leading to a passive situation regarding the source of raw materials and causing concerns for businesses. Recently, cashew exporters have faced challenges due to the shortage of raw materials for production. This disruption in the production chain poses a significant risk to the industry’s export turnover this year.
According to the Vietnam Cashew Association, due to the complete reliance on imports, the lack of raw materials for processing is not a rare occurrence in the cashew export industry in Vietnam. This also poses a challenge to the industry’s goal of achieving a turnover of $4 billion in exports in 2024. Finding solutions for sustainable development is a priority for cashew exporters in the current context.
Free Trade Agreements (FTAs) are positively impacting the export of processed agricultural products, including Vietnam’s deep-processed cashew nuts. Accordingly, cashew exporters will benefit from a tax reduction to 0% if they invest in deep processing to increase the value of their products.
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