Vietnam has a series of billion-dollar agricultural products ranked highly in the world, including rice, coffee, rubber, pepper, cassava, and more. Notably, cashew is a key export item, helping Vietnam hold the No. 1 position in the world for 16 consecutive years in cashew exports and accounting for nearly 80% of the global total production.
According to statistics from the General Department of Customs, the import of cashew nuts into Vietnam in January reached over 97,000 tons with a value of over 172 million USD, an increase of 6.4% in volume and 65.7% in value compared to the same period last year. The average price reached 1,765 USD/ton, an increase of 56% compared to January 2024.
In terms of the market, Tanzania was the largest supplier of cashews to Vietnam in January, with over 48,000 tons, worth over 88 million USD, an increase of 113% in volume but a significant increase of 200% in value. The average price was 1,826 USD/ton, up 40% compared to the same period last year.
The cashew price has increased nearly 60% compared to the same period last year.
Indonesia ranked second among suppliers with 6,856 tons, worth over 11 million USD, an increase of 4% in volume and 52% in value compared to the same period. The average price was 1,678 USD/ton, an increase of 45%.
Ivory Coast was Vietnam’s third-largest supplier with 6,842 tons, worth over 13 million USD, a decrease of 62% in volume and 32% in value compared to the last year. The price also increased by 81% compared to the same period last year, reaching 1,900 USD/ton.
In 2024, for the first time in the 35-year history of development, the export turnover of the cashew industry reached over 4 billion USD. Vietnam’s cashew nut exports have progressed quite smoothly in the context of increasing import demand in most major markets. The export growth rate to the main markets has recorded double-digit increases.
According to experts, the price of cashew has been fluctuating continuously since the end of 2024. The reason is due to supply chain disruptions leading to a decline in cultivation area. Vietnam is facing a decrease in the import volume of raw cashew nuts by over 10% compared to the same period in 2023. Poor harvests in West Africa, the main supplier of raw cashew nuts, have also made the shortage more serious. The price of raw cashew nuts has increased. The shortage of raw materials has driven up the price of cashew kernels.
The size of the global cashew market is expected to reach 8.14 billion USD in 2025 and increase to 11.67 billion USD by 2033. Cashews are increasingly being used in the food and beverage industry. Manufacturers in the region have recently taken an interest in cashews, using them in cookies and cereals, as toppings on ice cream, and in the production of cashew butter. Cashew consumption is increasing due to the growing trend of healthy snacking. Thanks to this trend, the demand for importing cashews in major markets is likely to continue increasing in the coming time.