According to the General Department of Customs, in August 2023, Vietnam’s cashew nut exports continued to reach a new record high of 60.58 thousand tons. Cashew nut also became the third sector to record high growth in 8 months of 2023 in the “billion dollar export club” of the agricultural industry.
Statistics from the General Department of Customs show that in August 2023, Vietnam’s cashew nut exports continued to reach a new record high of 60.58 thousand tons, earning 333.8 million USD. This was up 10.8% in volume and 9.7% in value compared to July 2023. Compared to August 2022, cashew nut exports increased sharply by 29.2% in value.
By the end of August 2023, Vietnam exported nearly 395.6 thousand tons of cashew nuts, worth 2.28 billion USD. This was up 15.5% in volume and 11.3% in value over the same period last year.
Cashew nuts became the third sector to record high growth in 8 months of 2023 in the “billion dollar export club” of the agricultural industry, only behind vegetables and rice.
Cashew nut exports continue to record highs.
However, the average export price of Vietnam’s cashew nuts in 8 months of 2023 only reached 5,760 USD/ton, which was down 3.6% over the same period in 2022. Notably, the cashew industry remained trade deficit when import turnover by the end of August this year reached approximately 2.46 billion USD, up 12.4% over the same period last year.
In terms of export markets, the US and China are 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 of this year.
In August, the US and China both spent large amounts of money to buy cashew nuts. As a result, Vietnam’s cashew export value increased by 33.8% and 37.3% respectively compared to August 2022.
Cashew exports to the United Arab Emirates and Saudi Arabia increased sharply compared to the same period last year at 46.6% and 40.1%, respectively.
In particular, cashew exports to the United Arab Emirates increased by 148.7% compared to August last year. The other markets also recorded double-digit growth.
Overall, for 8 months of 2023, except Australia and Spain, cashew exports to all major markets increased. In particular, cashew nut exports to China earned nearly 361 million USD, up 33.9% over the same period last year.
According to the latest plan of the Vietnam Cashew Association (VINACAS), if raw cashew prices continue to stabilize and tend to decrease further from now to the end of the year and early 2024, Vietnam’s cashew export turnover in 2023 will reach about 3.05 billion USD (down 50 million USD compared to the set plan)./.