Vietnam’s cashew exports in the first months of this year showed positive growth with increased volume and high prices, thanks to the stable market situation in countries worldwide.
According to statistics from the General Department of Customs, in the first seven months of 2024, Vietnam exported 421,560 tons of cashew nuts, earning 2.37 billion USD with an average price of 5,611.3 USD/ton. This marked a 25.9% increase in volume, a 21.6% rise in revenue, but a 3.3% decrease in price compared to the same period in 2023.
Notably, in July 2024, the export volume reached 66,872 tons, generating 412.44 million USD, representing a 6.8% increase in volume and a 9.6% rise in revenue compared to the previous month.
The United States remained the largest importer of Vietnamese cashew nuts, accounting for over 27% of the total volume and value. Exports to this market reached 114,047 tons, equivalent to 634.77 million USD, with an average price of 5,566 USD/ton, reflecting a 28.3% increase in volume, a 24% rise in revenue, but a 3.4% decrease in price compared to 2023.
In July 2024, exports to the US market witnessed a significant surge, with a 22.8% increase in volume, a 29% rise in revenue, and a 5.2% improvement in price compared to the previous month, reaching 20,921 tons and earning 129.38 million USD with an average price of 6,184.4 USD/ton.
The Chinese market followed closely, with a volume of 74,585 tons and a value of 414.12 million USD, at an average price of 5,552 USD/ton. This marked a substantial increase of 58% in volume and 38% in revenue but a decrease of 12.8% in price compared to last year, accounting for nearly 18% of the total volume and value of Vietnam’s cashew exports.
Exports to the Dutch market reached 37,899 tons, earning 217.28 million USD with an average price of 5,733 USD/ton, representing a 15.7% increase in volume and a 12.8% rise in revenue, while the price dropped by 2.5%. This market accounted for over 9% of Vietnam’s total cashew export volume and value.
The Export and Import Department forecasts a further increase in Vietnam’s cashew exports in the coming months due to rising global demand. There are signs of recovering consumption and decreasing inventory in the US, which will lead to higher import volumes.
In Asia, the Chinese market has a strong preference for Vietnamese cashews due to their consistent year-round supply and superior quality. According to Chinese consumers, the unique soil conditions in Vietnam result in larger, tastier cashews with a lower percentage of defective nuts compared to those from other regions.
Additionally, the Asian region remains unaffected by the conflicts in the Red Sea, creating favorable conditions for Vietnam’s cashew exports.
Vietnam maintains its position as the world’s leading exporter of cashew nuts, accounting for over 75% of global cashew exports and possessing advanced processing technology. Last year, cashew exports reached a record high of 3.64 billion USD, surpassing the target by 18%. This year, the cashew industry is expected to continue its growth trajectory, with the potential to reach the 4 billion USD milestone.
Experts predict a positive outlook for the cashew industry in 2024, with the global market projected to grow at an average rate of 4.6% during 2022-2027. The rising trend of vegan and plant-based diets worldwide has increased the demand for nuts and nut-based products, including cashews.
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