China Overtakes the US as the Largest Market for Cashew Exports
According to the General Department of Vietnam Customs, in July of this year, Vietnam exported 68,000 tons of cashew nuts, earning $460 million. This reflects a 1.3% increase in volume and an 11% surge in value compared to the same period in 2024. Cumulatively, in the first seven months, exports reached 413,000 tons, valued at $2.8 billion, with an impressive 18.3% increase in trade value.
The average export price in the seven-month period stood at $6,805 per ton, marking a 21.4% jump from the previous year. This is the highest price in many years, indicating the rising global demand for nutritious snacks, including cashew nuts.
China, the US, and the Netherlands maintained their positions as the top three markets for Vietnamese cashew nuts, accounting for 22.4%, 20.3%, and 9.1% of the market share, respectively. Notably, China has surpassed the US as the leading destination for these exports.
Exports to China reached 96,000 tons, valued at $608 million, signifying a remarkable surge of nearly 29% in volume and 47% in value compared to the same period in 2024. Specifically, in July, China spent nearly $83 million on importing over 13,000 tons of cashew nuts, accounting for almost 20% of Vietnam’s total cashew nut exports for that month.
Mr. Bach Khanh Nhut, Vice President of the Vietnam Cashew Association (Vinacas), attributed this growth to Chinese traders’ preparations for the upcoming Mid-Autumn Festival, a traditional holiday where nuts are a popular gift and snack.
The Department of Import and Export revealed that the upward trend in cashew nut exports to China since the beginning of the year is attributed to the country’s economic recovery, increased demand for healthy agricultural products, and Vietnamese enterprises’ proactive efforts in meeting the requirements of Chinese partners.
China surpasses the US as the largest market for Vietnamese cashew nuts. Source: IT.
In contrast, exports to the US witnessed a significant decline. During the seven-month period, Vietnam exported 83,000 tons, valued at $561 million, reflecting a 27.5% drop in volume and an 11.7% decrease in value compared to the previous year. This downturn is mainly due to the US government’s imposition of retaliatory tariffs since July, raising the tax rate to 20%. The increased costs have made Vietnamese cashew nuts less competitive, forcing US importers to reduce orders or seek alternative suppliers from countries such as Ivory Coast and Brazil.
Statistics from the US International Trade Commission further emphasize this shift, showing that while Vietnam remained the largest supplier of cashew nuts to the US in the first half of the year, capturing over 87% of the market share, the volume had decreased by 10% compared to the same period last year. With an average import price of $6,941 per ton from Vietnam, significantly higher than that of other suppliers, US consumers are opting for more affordable options.
Maintaining the Leading Position in Global Cashew Exports for 18 Consecutive Years
Vinacas attributes the sustained demand for healthy snacks as a key factor in the competitive advantage of Vietnamese cashew nuts.
For 18 consecutive years, Vietnam has reigned as the world’s largest exporter of cashew nuts, accounting for over 80% of global output. In 2024, Vietnam exported 730,000 tons, earning $4.37 billion, a remarkable 20.2% increase from 2023. With the current growth trajectory, the target of reaching $4.5 billion in 2025 appears attainable, especially considering the typical surge in demand during the year-end holiday season.
Vietnam has maintained its position as the world’s largest exporter of cashew nuts for 18 years. Source: IT.
However, the cashew industry faces several challenges. Both the US and the EU are implementing increasingly stringent standards for traceability, pesticide residue limits, and sustainable production requirements. Additionally, in the US, competition from African suppliers in terms of taxes and pricing could potentially erode Vietnam’s market share.
Nevertheless, with its deep expertise in processing, stable supply, and well-established brand reputation, the Vietnamese cashew industry is expected to retain its leadership position. Vinacas asserts that the growing trend of consuming ready-to-eat products presents new opportunities. While the US has reduced imports of cashew nuts, imports of processed cashew products have increased by over 30% in the first half of this year.
Currently, Vietnam has approximately 306,000 hectares of cashew area, and the output for the 2024-2025 crop year is estimated at 311,000 tons. The Ministry of Agriculture and Environment is implementing solutions to enhance transparency in origin tracing, digital data tracing, sustainable raw material development, and national brand building.
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