Vietnam is currently holding many of the world’s leading export items with a value reaching billions of USD. Among them, the Vietnamese cashew industry has continued to maintain its position as the world’s No. 1 for decades.
According to the General Department of Customs, in October 2024, Vietnam exported 65.22 thousand tons of cashew, worth 424.44 million USD. This was an increase of 1.3% in volume and 18.4% in value compared to October 2023.
In 10 months of 2024, Vietnam exported 609.23 thousand tons of cashew, worth 3.58 billion USD, an increase of 17.9% in volume and 21.4% in value compared to the same period last year. The average export price of Vietnam’s cashew was 5,873 USD/ton, an increase of 3.0% compared to the same period last year. Thus, the Vietnamese cashew industry has completed its export plan for the entire year of 2024 in just 10 months.
Vietnam’s cashew industry has maintained its leading position for decades.
Vietnam also increased its cashew exports to most traditional and potential markets, except for Saudi Arabia. Specifically, the US remains Vietnam’s largest export market in 10 months of 2024, with 166,000 tons, worth nearly 974 million USD. This is an increase of 28% in volume and 33% in value compared to the same period last year. In October alone, Vietnam exported 15.4 thousand tons of cashew to the US, equivalent to 102 million USD, an increase of 9.7% in volume and 33.3% in value compared to October 2023.
China is the second-largest market, with more than 103,000 tons, equivalent to 593 million USD, an increase of 21.1% in volume and 13.6% in value compared to the same period last year.
The Dutch market ranks third with nearly 57.4 thousand tons of cashew, worth 337 million USD, an increase of 12.5% in volume and 14.3% in value compared to the same period in 2023.
According to the Ministry of Agriculture and Rural Development, the Vietnamese cashew industry has continued to maintain its position as the world’s No. 1 in processed cashew exports for nearly two decades. Vietnamese cashew nuts are now available on the shelves of over 90 countries and territories worldwide, with export turnover growing steadily each year.
With the current growth momentum, the Vietnamese cashew industry expects to continue setting new records in the final month of the year. It is highly likely that this industry will achieve a record export figure of over 4.5 billion USD this year, thanks to stable demand in traditional markets such as the US, EU, or China. These markets all have high consumption demand during the end of the year and traditional festivals.
According to forecasts, the global cashew market will grow at an average rate of 4.6% during the period 2022-2027, thanks to the trend of veganism and the preference for nut-based foods. In addition, demand in emerging markets such as China and other regions in Asia is witnessing significant growth due to the expanding middle class and consumers increasingly focusing on health.
Although cashew is a billion-dollar export item, this result does not correspond with profits due to high production costs. Businesses always face raw material shortages and significant fluctuations in prices. Dependence on imported raw materials is a major challenge for the cashew industry. To hold the No. 1 position in cashew nut exports, Vietnam has to import about 90% of raw cashew, most of which come from African countries.