In 2022, despite proposing to reduce the export target from 3.8 billion USD to 3.2 billion USD, eventually, the cashew industry only reached 3.07 billion USD. In 2023, the growth is forecast not to be positive yet. 

Cashew exports are expected to reach 3.1 billion USD in 2023. (Photo: Quang Thuan)

On January 7, Vietnam Cashew Association (VINACAS) held a conference to summarize activities in 2022 and the direction for 2023. According to a report by VINACAS, in 2022, the 10-year growth period in exports of the cashew industry from 2011 to 2021 ended. In 2022, Vietnam only exported 3.07 billion USD of cashew nuts. This does not meet the export target of 3.2 billion USD although it has been adjusted down by about 600 million USD compared with the initial target of 3.8 billion USD. The main import markets for cashew nuts remain the US, EU, China, etc. Regarding deep-processed cashew products, domestic consumption and exports are maintained compared with 2021, accounting for about 5% of the total processed cashew production of the whole industry. The trend of reducing spending on non-essential foods such as cashew nuts due to the influence of inflation and economic recession is forecast to last until 2023. Consumption will be slow and prices are difficult to increase at this time. The export situation of cashew nuts in the period of 2022 – 2023 seems to be more difficult than in 2019 – 2021.

According to the VINACAS Information Council, by the last month of 2022 and 2023, production activities as well as the global cashew supply chain and in Vietnam continue to face many difficulties from the international economic and political situation; inflation, and recession; credit tightening policies of the State Bank, fluctuations in the USD/ VND exchange rate; declining consumption, increasing processing costs, stagnant production, etc.

Thus, the exports in 2023 will continue to face many challenges. After consideration, the VINACAS Executive Committee proposed to adjust the export target of cashew nuts in 2023 to a modest level of about 3.1 billion USD, a slight increase of 30 million USD compared with 2022./.