According to the General Department of Customs, in September 2024, Vietnam exported over 57,000 tons of cashew nuts, worth 372.16 million USD. Compared to September 2023, this was an increase of 0.6% in volume and 20.2% in value. The export price in September reached 6,522 USD/ton, up 19.5% compared to September 2023. This is the highest price since the beginning of the year.
In the first 9 months of 2024, Vietnam exported 543.5 thousand tons of cashew nuts, worth 3.15 billion USD. This result was up 20.1% in volume and 21.7% in value over the same period last year. The average export price of Vietnam’s cashew nut was 5,797 USD/ton, down 1.3% over the same period last year.
Thanks to the US and China, Vietnam is dominating the global cashew market.
In three quarters of 2024, Vietnam increased cashew exports to most traditional and potential markets, except for Saudi Arabia.
Specifically, the US remained Vietnam’s largest export market in the first 9 months of 2024, with over 150,000 tons, worth more than 871 million USD. This was up 29.9% in volume and 19.6% in turnover over the same period last year.
In September alone, Vietnam exported 16.3 thousand tons of cashew nuts, equivalent to 108 million USD, up 35% in volume and 67.5% in turnover compared to June 2023.
China was the second-largest market, with 91.4 thousand tons, equivalent to 518 million USD, up 30% in volume and 19.6% in turnover over the same period.
The Netherlands ranked third with nearly 50.3 thousand tons of cashew nuts, worth 295 million USD, up 14.3% in volume and 15.1% in turnover over the same period.
According to the Ministry of Industry and Trade, the increase in cashew kernel prices in 2024 may be due to supply chain disruptions. Vietnam, the world’s largest cashew processor, is facing a decrease in raw cashew imports of over 10% compared to the same period last year. This leads to a scarcity of supply. Poor harvests in West Africa, which supplies the main raw cashew, have made the shortage more serious. The high price of raw cashew nuts and the lack of raw materials have pushed the price of cashew nuts up.
In addition, demand in emerging markets, such as China and other parts of Asia, is increasing as the middle class expands and consumers focus on health. Increased competition for available supply has pushed up prices.
Exchange rate fluctuations and adverse weather due to climate change also make production costs more expensive and difficult to predict. Harvest productivity is affected, causing an increase in processing costs, which leads to higher retail prices for consumers.
Some regions, such as the Middle East, are facing demand decline due to political uncertainty. However, global demand remains strong, especially in Western markets where health-focused consumers drive consumption.
Vietnam is currently the world’s No. 1 exporter of cashew nuts. It is forecast that in the last months of the year, cashew nut exports will increase sharply thanks to the cyclical factor and increase in export prices, especially in the year-end festival time. With positive results in the first 9 months of 2024, the cashew industry is expecting a record turnover of 4 billion USD for the whole year 2024.