Vietnam is currently the largest export market for raw cashew nuts from Cambodia, accounting for about 90% of this country’s cashew nut exports in the past year, followed by India and China.
According to the report by the Cambodia Cashew Association (CAC), in 2024, Cambodia exported 815,000 tons of cashew, worth 1.15 billion USD, representing a 24% increase in volume and a 31% increase in value compared to 2023. Notably, Vietnam is the largest market for Cambodia’s raw cashew exports, accounting for about 90% of this country’s cashew export volume in 2024. India and China are also large markets for Cambodia’s raw cashew exports.
In 2024, while the Vietnamese cashew industry remained in the No. 1 position in the world for cashew exports, Cambodia has risen to become the second-largest producer of raw cashew.
Vietnam has increased cashew imports from Cambodia.
According to data from the General Department of Customs, in 2024, Vietnam’s cashew exports were estimated to reach 730,000 tons, worth 4.37 billion USD. It was an increase of 13.3% in volume and 20.2% in value compared to 2023. This is also a new record for the Vietnamese cashew industry. Especially, the average price of cashew nut exports was about 6,003 USD/ton in 2024, an increase of 6.1% compared to 2023.
Notably, in 2024, Vietnam continued to be the largest exporter of cashews in the world (this is the 18th consecutive year) and accounted for over 80% of the global cashew export volume. Vietnam’s cashew nuts are now present in more than 90 countries and territories around the world, with export turnover growing steadily over the years. Now, the export of cashew nuts from Vietnam is on the rise in traditional and potential markets such as the US and China. In addition, cashew nuts are also exported to many other markets, such as the Netherlands, Germany, or Spain.
Although Vietnam’s cashew exports were expected to increase significantly in 2024, they still depended on imported raw materials. The reason is that the current domestic supply for processing only meets a small portion. It is estimated that the industry had to spend more than 3.2 billion USD to import raw materials in 2024.
According to the Vietnam Cashew Association, for many years, Vietnam has led the global cashew supply chain and value chain. However, this position is being competed for and will surely be lost if timely changes are not made. Especially, export cashew processing enterprises, mainly foreign direct investment (FDI) factories, will gradually cut off the supply of raw cashew from Vietnamese factories. It will cause small and medium-sized factories to go bankrupt. This is the consequence of allowing the import of cashew nuts into Vietnam without implementing protective measures for the domestic cashew processing industry.
Therefore, Vietnamese cashew enterprises need to enhance deep processing to increase their share in the global cashew value chain. Along with that, establishing raw material regions is essential, as without a stable source of raw materials, the industry finds it very difficult to develop sustainably.
In the coming years, the global cashew industry is forecast to continue growing due to the influence of the trend favoring vegan and plant-based diets. This will be a good opportunity for Vietnam’s cashew industry to go further.