In the first 4 months of 2024, cashew exports reached 216,000 tons, with a turnover of 1.16 billion USD, up 32.4% in volume and 21.2% in value over the same period in 2023. With this result, the cashew industry is expecting a record turnover of 4 billion USD for the whole year 2024.
According to the Ministry of Agriculture and Rural Development, in April 2024, Vietnam exported 65,000 tons of cashew nuts, worth 350 million USD. Accumulated in the first 4 months of the year, the exports reached 216,000 tons, with a turnover of 1.16 billion USD, an increase of 32.4% in volume and 21.2% in value over the same period in 2023. Notably, the export rate of cashew nuts to some major markets such as China, the Netherlands, and the US recorded strong growth.
Cashew exports in the first 4 months of 2024 increased both volume and value.
LOWER EXPORT PRICES, HIGHER RAW MATERIAL PRICES
Specifically, the US is still Vietnam’s largest cashew export market, reaching more than 52,000 tons and a turnover of 280 million USD. This result was up 35.3% in volume and 23% in turnover compared to the first 4 months of 2023.
China ranks second with an import of about 31.5 thousand tons of processed cashew nuts and a turnover of 175 million USD. This is a sharp increase of 102% in volume and 74% in value over the same period last year. However, the export price of processed cashew kernels to China in the first 4 months of the year only averaged 5,570 USD/ton, down 13.8% over the same period last year.
The Netherlands is Vietnam’s third-largest cashew export market, with nearly 13.7 thousand tons, equivalent to more than 76 million USD.
Although the export of cashew nuts increased in both volume and value, the export price of processed cashew kernels decreased by nearly 8% compared to the same period last year, averaging only nearly 5,370 USD/ton in the first 4 months of this year.
According to the Vietnam Cashew Association (VINACAS), the export of cashew nuts in the first 4 months of 2024 grew strongly because the price of processed cashew kernels for export was low.
In Asia, the Chinese market is especially fond of Vietnam’s cashew nuts thanks to stable year-round supply and good quality. In addition, the Asian region is not affected by the Red Sea conflict, which is a good condition for Vietnam’s cashew exports.
Cashew enterprises are waiting for the domestic supply of raw materials.
Cashew enterprises are waiting for the domestic supply of raw materials. At this time, Vietnam and Cambodia have reached the second harvest of the year. In particular, the shortage of raw cashew nuts on the market is partly due to speculation from farmers as well as some traders keeping goods and waiting for high prices to sell. Analysts said that the price of raw cashews offered for sale has increased by 18% compared to 2 months ago.
EXPORTS RISE DUE TO IMPROVED WORLD DEMAND
With positive results in the first 4 months of 2024, the cashew industry is expecting a record turnover of 4 billion USD for the whole year 2024.
The VINACAS said that Vietnam’s cashew exports will increase in the second quarter of 2024 thanks to increased world demand. In particular, consumption demand in the US has shown signs of recovery, and the sharp decline in inventories will lead to an increase in imports.
It is forecast that the global cashew market will grow by an average of 4.6% in the period 2022-2027. The trend towards vegan and plant-based diets has pushed the demand for nuts and nut-processed foods, including cashews./.