The General Department of Customs reported that by mid-December, cashew nut exports reached 4.2 billion USD. This is the first time in the history of the cashew industry that cashew nut exports have surpassed the 4 billion USD mark.
Surpassing the 4 billion USD marks a new milestone for the cashew industry after many years of maintaining export turnover at over 3 billion USD. The first time the cashew industry exported over 3 billion USD was in 2017. Until 2023, the export turnover of cashew nuts always ranged from over 3 billion USD to nearly 4 billion USD, with the highest figure of over 3.64 billion USD in 2023.
By mid-December, cashew nut exports reached 4.2 billion USD.
The export of cashew nuts exceeding 4 billion USD is mainly due to a significant increase in export volume. According to the General Department of Customs, from the beginning of the year to December 15, the volume of cashew nut exports reached 696,000 tons, much higher than the record export volume in 2023 (644,000 tons). By the end of this year, the export volume of cashew nuts will certainly exceed 700,000 tons for the first time.
In addition, the increase in export prices also contributed to the new record in export turnover. In 10 months of 2024, the average export price of Vietnam’s cashew nuts was 5,873 USD/ton, an increase of 3% compared to the same period last year.
Previously, the cashew industry had set a target to achieve an export turnover of 4 billion USD by 2020. However, it wasn’t until 2024 that the goal of 4 billion USD was reached.
Cashew nut exports to traditional markets generally showed good growth this year, with many markets experiencing double-digit increases. Specifically, in 10 months of 2024, the export value of cashew nuts to the US increased by 33%, China by 14%, the Netherlands by 14%, the UAE by 75%, Germany by 24%, and Canada by 30%.
The year 2024 closed with memorable milestones for the cashew industry, making significant contributions to Vietnam’s agricultural export turnover. This is not only an economic achievement but also an opportunity for Vietnam to strengthen its leading position in the global market.
Despite achieving impressive results, the cashew industry still faces significant challenges in 2025. The industry needs to maintain high export prices and expand consumption markets to sustain its growth momentum.