Thanks to the stable development of the market around the world, Vietnam’s export of cashew nuts in the first months of this year is quite good with high prices.
According to statistics of the General Department of Customs, in the first 7 months of 2024, Vietnam exported 421,560 tons of cashew nuts of all kinds, equivalent to 2.37 billion USD. The average price was 5,611.3 USD/ton. The result was up 25.9% in volume and 21.6% in turnover but down 3.3% in price compared to the same period in 2023.
In July 2024 alone, Vietnam exported 66,872 tons of cashew nuts of all kinds, worth 412.44 million USD, up 6.8% in volume and 9.6% in turnover compared to June 2024.
China has strongly increased its imports of cashew nuts from Vietnam.
Vietnam’s cashew nuts exported the most to the US market, accounting for over 27% of the total volume and export turnover of cashew nuts of the country, reaching 114,047 tons, equivalent to 634.77 million USD. The average price was 5,566 USD/ton. This figure was up 28.3% in volume and 24% in turnover but down 3.4% in price compared to the same period last year.
Particularly, in July 2024, exports to the US increased by 22.8% in volume, 29% in turnover, and 5.2% in price compared to June 2024, reaching 20,921 tons, equivalent to 129.38 million USD, with an average price of 6,184.4 USD/ton.
Next, the Chinese market reached 74,585 tons, equivalent to 414.12 million USD with an average price of 5,552 USD/ton. This was a strong increase of 58% in volume and 38% in turnover but a decrease of 12.8% in price, accounting for nearly 18% of the total volume and total export turnover of cashew nuts of the country.
Exports to the Dutch market reached 37,899 tons, equivalent to 217.28 million USD, with an average price of 5,733 USD/ton. This was up 15.7% in volume and 12.8% in turnover, but down 2.5% in price, accounting for over 9% of the total volume and total turnover.
The Import-Export Department forecasts that Vietnam’s cashew exports will increase in the following months thanks to increased world demand. In particular, consumption demand in the US has shown signs of recovery, and the sharp decline in inventories will lead to an increase in imports.
In Asia, the Chinese market is especially fond of Vietnam’s cashew nuts thanks to stable year-round supply and good quality. Besides, the Asian region is not affected by the Red Sea conflict, which is good condition for Vietnam’s cashew exports.
Vietnam now maintains the No. 1 position in the world in cashew nut exports, accounting for more than 75% of global cashew kernel exports. Vietnam is also leading in terms of processing technology. Last year, cashew exports hit a record of 3.64 billion USD, 18% higher than the plan. It is forecast that the cashew industry has a lot of room to grow this year and can reach the target of 4 billion USD.
Experts believed that the cashew industry will have a good outlook in 2024, when the global market is expected to grow by an average of 4.6% in the period 2022-2027. The global trend towards vegan and plant-based diets has increased the demand for nuts, including cashews.