Vietnam Cashew Exports Reached 3.31 billion USD
[Update July 10th, 2024] For a long time, Vietnam has been one of the largest worldwide exporters of cashew nuts. To maintain stability, Vietnam takes advantage of the large growing region in Binh Phuoc and modern processing technology. As a result, cashew nuts exports of Vietnam in 2023 reached 3.31 billion USD. It showed a positive sign for Vietnam’s economy and still a potential product to export. This post shows data on Vietnam’s cashew export industry in 2023.
1. Vietnam Cashew Exports in 2023
Data from the General Department of Customs was cited by the Ministry of Industry and Trade’s Import-Export Department. It stated that 65 thousand tons of cashew nuts are expected to be exported from Vietnam in November 2023. Its value has increased to 358 million USD from October 2023, a 1.1% and 0.03% increase in quantity and value, respectively. A 34.5% volume increase and a 30.7% value increase when compared to November 2022.
Vietnam’s cashew exports are predicted to reach 582 thousand tons before December 2023. Its value, up 17.4% and 23.1% in volume and value respectively, from 2022 to 2031 is $3.31 billion USD.
Experts predicted that in November 2023, the average cashew export value from Vietnam would be $5,512 USD/ton. It has decreased by 2.8% from November 2022 and by 12.6% from October 2023. Vietnam’s average cashew export price, accumulated in the first 11 months of 2023, was 5,682 USD/ton, a 4.7% decrease from the same period the previous year.
2. Main kinds of Cashews and Import markets
Vietnam primarily exports W320, W240, and W180 cashew nuts. It represents 69.84% of the nation’s total export revenue and 63.51% of the total volume. As a result, the expansion of cashew nut exports for the aforementioned varieties has benefited the whole sector.
In terms of market share, the US is the top import market during the first ten months of the year. China is becoming a more active buyer, though.
In particular, 14,854 tons of cashews valued at over 88.7 million USD that Vietnam exported to China in October. Volume is up 69.4% and turnover is up 77% over the same time last year. Since the start of 2023, this output has reached its maximum level. Additionally, it causes China to overtake the US and take the lead in October imports of Vietnamese cashew nuts.
China imported 85,307 tons of cashew nuts for a total of more than 522.3 million USD in the first ten months of 2023. Volume is up 43.1% and value is up 47.2% when we compare to the same time last year. In the first ten months of 2023, China accounted for 17.7% of Vietnam’s cashew import markets’ turnover and 16.5% of the country’s output. Over the same time period, the average export price to this market increased by 2.8% to $6,123 USD/ton.
Summary
Industry analysts state that given the state of technology, Vietnam’s cashew nuts are on par with those of other nations, particularly those like Ivory Coast which have access to abundant supplies of raw cashews. In order to gain a competitive edge, the cashew industry must concentrate on the diversity and quality of processed products.
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