With an 8-month export turnover of 2.28 billion USD, it is forecast that the cashew sector in the whole year 2023 will exceed the target of 3.1 billion USD set at the beginning of the year…
According to the General Department of Customs, in August 2023, Vietnam’s cashew nut exports continued to achieve a new record high of 60.58 thousand tons, worth 333.83 million USD. This result was up 10.8% in volume and 9.7% in value compared to July 2023. It is also up 29.2% in volume and 21.8% in value against the same period last year.
Cashew exports to the US and China grew by more than 30%.
A BREAKTHROUGH IN THE US MARKET
Accumulated in 8 months of 2023, Vietnam’s cashew nut exports reached nearly 395.6 thousand tons, worth 2.28 billion USD. This was up 15.5% in volume and 11.3% in value over the same period last year. Generally, in 8 months of 2023, the average export price of Vietnam’s cashew nuts reached 5,760 USD/ton, which was down by 3.6% over the same period in 2022.
The US and China remain the largest customers of Vietnam’s cashew nuts. These two markets accounted for 41.8% of Vietnam’s total cashew export turnover in 8 months. In August 2023, the value of Vietnam’s cashew exports to the US increased by 33.8%, to China by 37.3% compared to August 2022.
In 8 months, cashew exports to the US reached 102,700 tons, worth 662 million USD – making this market the largest customer of Vietnam’s cashew exports. Meanwhile, cashew exports to the Chinese market earned nearly 361 million USD, up 33.9% over the same period last year.
Cashew exports to other major markets such as Germany, the UK, the UAE, and Saudi Arabia all increased compared to the same period last year.
Specifically, cashew exports to the UAE and Saudi Arabia increased sharply over the same period last year, at 46.6% and 40.1%, respectively. In particular, cashew exports to the UAE market increased by 148.7% compared to the same period last year. The remaining markets also recorded double-digit growth.
Cashew exports set a record in value in 2021, at 3.63 billion USD. In 2022, Vietnam’s cashew nut exports reached 519,782 tons, worth 3.08 billion USD, down 10.3% in volume and 15.1% in value compared to 2021. Vietnam continues to hold the leading position in the world for 16 consecutive years in terms of cashew nut exports, accounting for 80% of global production. In 2023, the Vietnam Cashew Association (VINACAS) set an export target of 3.1 billion USD which is up by 20 million USD compared to 2022.
According to the Ministry of Agriculture and Rural Development, the world economy has become weak with high inflation and the conflict between Russia and Ukraine has not shown signs of cooling down. These have caused most major economies in the world to reduce cashew nut imports, negatively affecting the global cashew industry in general, including Vietnam.
It is forecast that in the third and fourth quarters of 2023, Vietnam’s cashew nut exports will improve slightly thanks to cyclical factors and increased demand from the US and the EU for consumption at the end of the year. With export results so far growing, it is almost certain that cashew exports for the whole year will exceed the target of 3.1 billion USD set at the beginning of the year. The result may reach 3.3 billion, but it is not possible to regain the record mark./.