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Many countries are importing Vietnamese cashew nuts in large quantities.

Many countries are importing Vietnamese cashew nuts in large quantities.

Vietnam is the world’s number one cashew nut supplier. Specifically, China has invested heavily in buying cashew nuts from Vietnam in the past 8 months.

High-Quality Cashew Nuts
High-Quality Cashew Nuts

Record Cashew Nut Exports in August 2023

In August 2023, Vietnam’s cashew nut exports reached a new record level of 60.58 thousand tons. The revenue generated was $333.8 million, an increase of 10.8% in quantity and 9.7% in value compared to July 2023.

Compared to August of the previous year, cashew nut exports increased by 29.2% in quantity and 21.8% in value.

As of the end of August this year, Vietnam has exported nearly 395.6 thousand tons of cashew nuts. The export value reached $2.28 billion, increasing by 15.5% in quantity and 11.3% in value.

Cashew nuts have also become the third-highest growing sector in the agriculture export “billion-dollar club” in the first 8 months of 2023, only trailing behind fruits and vegetables and rice.

The export price of Vietnamese cashew nuts in the first 8 months of 2023 was $5,760 per ton, a 3.6% decrease compared to the same period in 2022.

It is noteworthy that the cashew nut industry still maintains a trade surplus, with imports reaching approximately $2.46 billion as of the end of August this year, an increase of 12.4% compared to the same period last year.

Why Are the United States and China the Two Largest Markets for Vietnamese Cashew Nuts?

The United States and China remain the two largest markets for Vietnamese cashew nuts. These two markets account for 41.8% of Vietnam’s total cashew nut export revenue in the first 8 months of this year.

Hence, cashew nut exports from Vietnam have surged by 33.8% and 37.3% compared to August 2022.

In the first 8 months of 2023, cashew nut exports mostly rose, except for Australia and Spain. Cashew nut exports to China increased by 33.9%, reaching nearly $361 million compared to the previous year.

Exports of cashew nuts to the United Arab Emirates and Saudi Arabia also saw significant growth compared to the same period last year, with increases of 46.6% and 40.1%, respectively.

Experts in the industry predict that from the third quarter of 2023, Vietnamese cashew nut exports will increase due to cyclical factors and increased demand from the United States and the European Union.

Vietnamese factories are receiving new orders, and demand for the product is rising. Production is bustling, with many units expanding capacity to meet year-end orders.

Improving quality and diversifying products have contributed to the development of the Vietnamese cashew nut industry.

According to Vinacas, if cashew nut prices continue to stabilize and decrease until 2024, cashew nut exports in 2023 are expected to reach $3.05 billion, a $50 million decrease from the plan.

Tâm An Source: Vietnamnet”

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