According to the General Department of Customs, Vietnam’s cashew nut exports in 2024 reached 730,000 tons, worth 4.37 billion USD, an increase of 13.3% in volume and 20.2% in value compared to 2023.
In the past year, despite facing many difficulties, cashew exports still ranked among the top 7 of Vietnam’s agricultural products, over 3 billion USD, with an export turnover reaching a record of 4.37 billion USD. The average export price of Vietnamese cashew nuts was about 6,003 USD/ton, an increase of 6.1% compared to 2023. Vietnam continued to be the largest exporter of cashew nuts in the world (for the 18th consecutive year) and accounts for over 80% of the total global cashew nut export volume.
Previously, the cashew industry set a target to achieve an export turnover of 4 billion USD by 2020. However, it wasn’t until 2024 that the goal of 4 billion USD became a reality.
Cashew nut exports in 2024 reached about 730,000 tons.
According to the complete data for the 11 months of 2024, Vietnam’s cashew nut exports to Asia, America, and Europe all showed good growth, with the strongest increase belonging to the American region of 25.7% in volume and 30.4% in value compared to the same period in 2023. In contrast, cashew nut exports to Oceania and Africa decreased.
Regarding market structure, the cashew industry has effectively exploited most traditional and potential export markets. Among them, exports to the US. in 11 months reached 179.48 thousand tons, worth 1.07 billion USD. This was an increase of 24.4% in volume and 31.6% in value compared to the same period in 2023.
Exports to China reached 117.42 thousand tons, worth 687.84 million USD, an increase of 18.9% in volume and 14.4% in value.
The cashew industry is effectively exploiting the EU market, with exports to many member countries such as the Netherlands, Germany, and Spain all experiencing growth. According to the Department of Import-Export, Vietnamese cashew nuts are currently present on the shelves of over 90 countries and territories worldwide, with export turnover steadily increasing year by year.
There are more than 20 provinces and cities in Vietnam cultivating cashew trees, with a total area of over 300,000 hectares. Among them, Binh Phuoc is the province that cultivates the most cashew trees in Vietnam, with an area of over 150,000 hectares. This place has suitable soil conditions that easily help cashew trees grow, produce good nuts, and achieve high yields. Besides domestic production, Vietnam is spending a large amount of money on importing cashews to maintain its position as the world’s leading exporter.
According to forecasts, the global cashew market will grow at an average rate of 4.6% during the period 2022-2027. The trend of preferring vegan and plant-based diets has increased the demand for nuts and nut-based processed foods, including cashews. This will be a good opportunity for the Vietnamese cashew industry to develop further in the near future.