Vietnam’s cashew exports in the first quarter of 2023 reached 122,000 tons, worth 708 million USD. This result is up 16.6% in quantity and 14.2% in value over the same period in 2022…
In Jan 2023, cashew export declined sharply in both quantity and value. However, from Feb 2023 to now, it has grown rapidly again. According to the General Department of Customs, in Feb2023, cashew nut kernel’s export reached 34.3 thousand tons, worth 197.7 million USD. This result is up 25.8% in quantity and 26.9% in value compared to Jan 2023; compared to the same period in 2022, it is up 35.4% in quantity and 31.2% in value.
Vietnam’s cashew sector still holds the No.1 position in the world in terms of cashew nut kernel production for export.
CASHEW INDUSTRY IS UNDER COMPETITIVE PRESSURE
By March 2023, Vietnam’s cashew exports increased sharply with 60,000 tons, worth 355 million USD. This result is up 75% in quantity and 79.5% in value compared to Feb 2023, and compared to the same period in 2022, it is up 50.4% in quantity and 48.6% in value.
In general, in the first quarter of 2023, cashew exports reached 122,000 tons, worth 708 million USD which is up 16.6% in quantity and 14.2% in value over the same period in 2022.
According to Chinese Customs, this country’s cashew imports in the first quarter of the year decreased by 25% compared to the same period in 2022. Notably, China reduced its imports of cashew nuts from Vietnam but sharply increased its imports from Ivory Coast, Togo, Tanzania, Benin, etc. This has shown that Vietnam’s cashew sector is subject to great competition from other countries in exporting to China.
“In March 2023, Vietnam’s average export price of cashew nuts reached 5,913 USD/ton which is up 2.6% compared to Feb 2023, but down 1.2% compared to March 2022. In general, in the first quarter of 2023, the average export price of Vietnam’s cashew nut is estimated at 5,826 USD/ton, down 2.1% over the same period in 2022”.
According to the General Department of Customs.
2022 is the year that the cashew processing and export industry ended 10 year of continuous export growth. According to the Vietnam Cashew Association (Vinacas), Vietnam’s cashew exports in 2022 reached 519,782 tons, worth 3.08 billion USD, which is down 10.3% in volume and 15.1% in value compared to 2021. In particular, the proportion of cashew exports to the Chinese market has decreased from 15% to about 10% of Vietnam’s total cashew exports.
However, with more than 03 billion USD in revenue, Vietnam’s cashew industry still holds the No.1 position in the world in terms of technology and production of cashew kernel for export, accounting for about 80% of the global cashew trade. The main export markets of Vietnam are the US, Europe, China, etc.
According to Vinacas, cashew exports in 2023 decreased in both quantity and value due to high global inflation, making living costs more expensive and spending on necessities significantly higher. These have caused the consumption of cashew nuts and other non-essential foods to be heavily affected.
In addition, the increase in interest rates by central banks also makes it impossible for importers to buy cashew nuts in large quantities to reserve as before. “The prices of raw cashew nuts are high while the prices of cashew kernel are low, making it difficult for Vietnamese cashew businesses,” Vinacas stressed./.