Vietnam has been the world’s leading exporter of cashew nuts for 16 consecutive years. However, in addition to domestic supply, Vietnam is highly dependent on imports to meet the processing output for export.
According to statistics from the General Department of Customs, Vietnam’s cashew nut imports in August reached more than 211,000 tons, worth more than 283 million USD. This result was down 27.5% in volume and 18.2% in value compared to the last month. In the first 8 months of the year, Vietnam imported more than 1.9 million tons of cashew nuts with a turnover of about 2.4 billion USD, down 4.1% in volume and 2.2% in value over the same period in 2023.
Cambodia was the largest supplier of cashew nuts to Vietnam, with an output of more than 797,000 tons and a turnover of more than 1 billion USD. This was a sharp increase of 32% in volume and 25% in value over the same period in 2023. The average import price was 1,292 USD/ton, down 5% over the same period last year.
Vietnam’s raw cashew supply is highly dependent on imports.
Ivory Coast ranked second among cashew nut suppliers to Vietnam. By the end of August, Vietnam imported more than 394,000 tons from this market with a value of more than 459 million USD. This figure was a decrease of 30% in volume and 27% in value over the same period last year.
Ghana was Vietnam’s third-largest supplier with more than 236,000 tons, worth more than 266 million USD. The result was up 10% in volume and 13% in value. The average import price reached 1,096 USD/ton, up 3%.
Cambodia’s cashew sector has grown rapidly in recent years and has become the largest source of supply for Vietnam. The country has 435,733 hectares of cashew with an output of 508,283 tons by 2022. Also in 2022, Cambodia exported 471,520 tons of raw cashew nuts and earned more than 1.07 billion USD. Up to 98.5% of Cambodia’s cashew exports are to Vietnam.
The Ministry of Industry and Trade forecasts that the export of cashew nuts in 2024 still has a lot of room for growth. However, the cashew industry is also facing the problem of raw materials, production costs, and the wave of shift to green production.
In 2024, Vietnam aims to export cashew nuts at a record 3.8 billion USD (about 200 million USD higher than 2023). The biggest barrier now is the rising price of input materials.
According to the Vietnam Cashew Association, the reason for the sharp increase in the price of imported raw cashew nuts is that some suppliers delay delivery or request price increases due to crop failure. The supply of raw cashew nuts in the country has also decreased sharply.