In the first 7 months of the year, cashew nut exports reached 334,870 tons, worth more than 1.94 billion USD. This result is up 13.3% in volume and 9.7% in value over the same period in 2022.
According to the General Department of Customs, in July 2022, Vietnam’s cashew nut exports reached 54,675 tons, worth more than 304.3 million USD, down 7.5% in volume and 10.2% in turnover compared to June 2023. Generally, in the first 7 months of the year, cashew nut exports reached 334,870 tons, worth more than 1.94 billion USD, up 13.3% in volume and 9.7% in value over the same period in 2022. The average export price in the first 7 months of the year reached 5,805 USD/ton, down 3% over the same period last year.
In the first 7 months of the year, cashew nut exports increased by 13.3% in volume and 9.7% in value over the same period in 2022.
Cashew is one of the agricultural products with an export value of over 1 billion USD after the first 7 months of the year.
In terms of market, the US is the largest import market of Vietnamese cashew nuts. Specifically, cashew nut exports to the US in July reached 14,385 tons with a turnover of more than 79.5 million USD. It is down 12.2% in volume and 15% in value compared to June 2023. In the first 7 months of the year, cashew nut exports to the US reached 88,903 tons with a value of more than 512 million USD, up 0.7% in volume and 0.32% in value over the same period in 2022.
According to the Import-Export Department – Ministry of Industry and Trade, in the first months of 2023, the economy weakened, inflation increased, and the conflict between Russia and Ukraine has not shown signs of cooling down. These caused most major economies in the world to reduce cashew nut imports. Therefore, the global cashew industry, including Vietnam was negatively affected.
It is forecast that in the short term, the world cashew industry will still be negatively affected when the demand for cashew nuts as a snack or for cooking and dessert decreases due to rising consumer inflation. In the long term, when inflation is controlled and the world economy recovers, the demand for cashew nuts will increase again.
According to Reuters, global demand for cashew nuts reached $9.94 billion in 2018 and is expected to reach $13.48 billion in 2024, with an average growth rate of 5.2% between 2018 and 2024. This comment is based on factors: the market’s increasing demand for healthy snacks, including increasing demand from the EU, the US, and China, and the rise of large processing facilities in Africa.
It is forecast that in the third quarter of 2023, Vietnam’s cashew nut exports will increase thanks to cyclical factors, and the demand for imports from the US and the EU will increase again. Currently, domestic factories have signed many new orders, and demand for this item has started to increase again. Production activities are vibrant, many businesses have to increase processing capacity to keep up with the signed orders for the last 2 quarters of the year. Improving the quality and diversity of products and making good use of opportunities from the market will help Vietnam’s cashew industry continue to grow and make breakthroughs.
Investment in deep processing and product diversity is an advantage for Vietnamese cashew nuts to easily compete for export. Typically, Hanfimex Group Joint Stock Company always signs export orders to difficult markets thanks to many good and high-quality products. This is the direction that businesses need to follow./.