In 2023, Vietnam’s cashew export turnover increased by 18% compared to 2022, reaching 3.6 billion USD. Although cashew exports grew strongly, it has not been able to regain the record in 2021 (3.63 billion USD)…
According to data from the General Department of Customs, in 2023, Vietnam exported 644,000 tons of cashew nuts, worth 3.6 billion USD, up 24% in quantity and 18% in turnover compared to 2022.
Vietnam has held the No. 1 position in the world in terms of processed kernel exports for 17 consecutive years.
THE US IS THE NUMBER 1 MARKET OF CASHEW EXPORTS FROM VIETNAM
Previously, in early 2023, the Ministry of Agriculture and Rural Development assigned the cashew sector an export turnover target of 3.8 billion USD. However, in the face of the difficult development of the market in the first half of 2023, the cashew sector proposed to lower the target to 3.05 billion USD.
In 2023, exports to some major markets such as the US, China, and the Netherlands recorded high growth. In particular, cashew nut exports to the US reached 885 million USD, up 5% compared to 2022, and accounted for nearly 25% of the total export turnover of this item.
According to Mr. Tran Huu Hau – Deputy General Secretary of the Vietnam Cashew Association (Vinacas), Vietnamese cashew products have had a strong foothold in the US market for many years, and the demand in this market is quite stable. Especially, since Vietnam and the US upgraded their relationship to a Comprehensive Strategic Partnership, Vinacas believes that cashew processing enterprises can access modern technologies from the US to serve the new orientation of the industry, which is to focus on processing and exporting products with high added value.
In 2023, cashew exports to China also recorded breakthrough growth after the country removed COVID-19 prevention measures. Cashew export turnover from Vietnam to China reached 683 million USD, up 55% compared to 2022, and accounted for 19% of the total cashew export turnover of the country.
“In December 2023, Vietnam’s cashew export price was 5,497 USD/ton, down 4% compared to December 2022 and 11% compared to December 2021. The average export price in 2023 reached 5,677 USD/ton, down 5% compared to 2022 and 10% compared to 2021”.
General Department of Customs
Cashew exports grew high but have not regained the record.
Cashew exports to the Netherlands – the gateway to the EU market in 2023 reached 353 million USD, up 19% compared to 2022 and accounting for 10% of the total cashew export turnover. Other potential markets such as Germany, the UK, and the UAE… also recorded positive results in 2023.
Regarding the type structure, Vietnam mainly exports cashew nuts such as W320, W240, or W180, accounting for 63.51% of the total volume and 69.84% of the total export turnover of the country. This shows that the export growth of these cashew types has had a positive impact on the comprehensive cashew industry.
The Strategic Policy Institute for Rural Agriculture Development (Ipsard) commented: Vietnam’s cashew kernel exports in the last months of 2023 grew slightly due to the increased import demand of the US and EU markets to serve consumption at the end of the year and the beginning of the new year. However, cashew kernel exports for the whole year could not regain the record mark in 2021 (3.63 billion USD). In 2022, cashew nut exports decreased by 10.3% in volume and 15.1% in value, reaching 519,782 tons and 3.08 billion USD./.