Vietnam’s cashew exports in October 2023 achieved a new record high of 64.32 thousand tons. This figure helped cashew exports in 10 months reach nearly 516.87 thousand tons, worth 2.95 billion USD. The turnover in 2023 is forecast to exceed the target of 3.1 billion USD.
The Import-Export Department (Ministry of Industry and Trade) and the Industry & Trade Information Center, citing statistics from the General Department of Customs, said that in October 2023, Vietnam’s cashew nut exports achieved a new record high of 64.32 thousand tons, worth 358.18 million USD. This result was up 13.3% in volume and 15.5% in value compared to September 2023; and up 47.7% in volume and 37.1% in value compared to October 2022.
In 10 months of 2023, Vietnam’s cashew nut exports reached approximately 516.87 thousand tons, worth 2.95 billion USD, up 21.8% in volume and 15.9% in value over the same period last year.
Cashew nut exports achieved a new record high.
CHINA SURPASSED THE US TO BECOME THE LARGEST IMPORTER OF VIETNAM’S CASHEW NUTS
In terms of price movements, Vietnam’s average export price of cashew nuts in October 2023 reached 5,569 USD/ton which was up 2.0% compared to September 2023 but down 7.2% compared to October 2022. In 10 months of 2023, the average export price of Vietnam’s cashew nuts reached 5,703 USD/ton, down 4.8% over the same period in 2022.
In terms of market, in October 2023, cashew exports to most traditional and potential markets increased strongly compared to the same period in 2022. Exports of cashew nuts to the Dutch, German, British, and UAE markets increased sharply.
Notably, in the past two months, China increased its import of Vietnam’s cashew nuts compared to 2022. This makes the Chinese market surpass the US to become the largest importer of Vietnam’s cashew nuts in 10 months of 2023, with a growth rate of 43.1% in volume and an increase of 47.2% in value over the same period in 2022.
Generally, in 10 months of 2023, cashew nut exports to all major markets increased in volume, while in terms of export value, only the Australian market decreased.
IT IS NECESSARY TO SOLVE THE “PROBLEM” OF RAW MATERIALS
According to forecasts, in the last two months of 2023, Vietnam’s cashew exports will continue to increase thanks to cyclical factors and increased consumption demand from the US and the EU for year-end holidays. With high export growth, cashew exports for the whole year are likely to exceed the target of 3.1 billion USD (an increase of 20 million USD compared to 2022) set at the beginning of the year.
It is necessary to find a stable source of raw cashew nuts.
In addition to favorable factors, Vietnam’s cashew industry now is facing many challenges. In particular, the biggest challenge is the source of raw materials. Currently, many cashew processing enterprises are not active in raw materials. It is estimated that the supply of raw cashew nuts across the country only meets about 30% of the processing capacity, while the remaining 70% depends on imports from other countries. This also makes it difficult to control the quality of raw cashew nuts for processing.
The linkage model between enterprises and farmers in the production-processing-business chain to comply with strict quality requirements of international standards has not been developed. Many micro-scale cashew processing establishments have limited financial potential…
To promote the sustainable development of the cashew industry, experts said that enterprises need to invest in raw material areas; support and sign contracts with farmers to have a stable supply, reduce dependence on imported sources, and improve competitiveness for Vietnam’s cashew nuts. Besides, enterprises also need to strengthen the connection of resources to invest in deep processing with diverse products to meet the different needs and tastes of consumers in the markets./.