Vietnam has been the world’s largest exporter of cashew nuts for 18 consecutive years, accounting for over 80% of the global export volume. To achieve this, Vietnam has purchased up to 98% of raw cashew nuts from the neighboring country, Cambodia.
The General Department of Customs said that Vietnam’s cashew nut exports in 2024 reached 730,000 tons, worth 4.37 billion USD. This was an increase of 13.3% in volume and 20.2% in value compared to 2023. The average export price of cashew nuts from Vietnam was 6,003 USD/ton in 2024, an increase of 6.1% compared to 2023.
Vietnam’s cashew nut exports to the three regions of Asia, America, and Europe all saw good growth, with the strongest increase in the American region, which rose by 25.7% in volume and 30.4% in value compared to the same period in 2023.
Cashew nut exports are increasing to traditional and potential markets such as the US and China. In 2024, cashew nut exports to the US reached over 179,000 tons, worth 1.07 billion USD, an increase of 24.4% in volume and 31.6% in value compared to the same period in 2023.
Vietnam has been the world’s largest exporter of cashew for 18 consecutive years.
Cashew nut exports to China were over 117,000 tons, worth 687.84 million USD, an increase of 18.9% in volume and 14.4% in value compared to the same period in 2023. In addition, the Vietnamese cashew industry has also effectively exploited the EU market, with exports to several member countries such as the Netherlands, Germany, and Spain all showing growth.
Mr. Tran Huu Hau, Deputy Secretary-General of the Vietnam Cashew Association, said: “In 2024, Vietnam continued to be the largest exporter of cashew kernels in the world (for the 18th consecutive year) and will account for over 80% of the total global cashew kernel export volume.”
Currently, the total area of cashew cultivation nationwide has been up to over 300,000 hectares, with more than 20 provinces and cities. Binh Phuoc is the province with the largest cashew cultivation area in Vietnam, covering more than 150,000 hectares.
To maintain export achievements, in addition to increasing domestic production, Vietnam is also spending a large amount of money on importing raw cashew nuts. Vietnam spent more than 3 billion USD in 2024 to import over 2.3 million tons. Cambodia is becoming the largest supplier, with over 818,000 tons, worth more than 1.06 billion USD, an increase of 34% in volume and 28% in value. The average price was 1,302 USD/ton, a decrease of 4% compared to the same period in 2023.
In recent years, Cambodia’s cashew industry has rapidly developed and become the largest supplier to Vietnam. Each year, Vietnam imports up to 98% of Cambodia’s total raw cashew production.
Besides Cambodia, Vietnam also imports from many other African markets. Ranking second among suppliers is Ivory Coast, with over 579,000 tons, worth over 719 million USD, a decrease of 32% in volume and 20% in value. Prices increased strongly by 20% compared to the same period, averaging 1,258 USD/ton.
Ghana is the third-largest supplier, with over 268,000 tons, worth more than 307 million USD, an increase of 8.3% in volume and 16% in value. The average price is 1,143 USD/ton, an increase of 7%.
According to forecasts, the global cashew market will grow at an average rate of 4.6% during the period 2022-2027. In the world, the trend of healthy snacking is on the rise, with consumers focusing on nutritious nuts that have health-beneficial components. Therefore, the increasing demand for cashew nuts has created an opportunity for the Vietnamese cashew industry to develop further.