In the first 11 months of 2023, cashew exports earned $3.31 billion.

Báo Công thương•04/12/2023

Vietnam's cashew exports reached a new record in October 2023. Six agricultural, forestry, and aquatic products surpassed $3 billion in export value in the first 11 months of 2023.

According to data from the General Department of Customs, cited by the Import-Export Department ( Ministry of Industry and Trade ), Vietnam's cashew exports in November 2023 are estimated at 65,000 tons, worth 358 million USD, an increase of 1.1% in volume and 0.03% in value compared to October 2023, and an increase of 34.5% in volume and 30.7% in value compared to November 2022.

In the first 11 months of 2023, cashew exports earned $3.31 billion.

Overall, in the first 11 months of 2023, Vietnam's cashew exports are estimated at 582,000 tons, worth 3.31 billion USD, an increase of 23.1% in volume and 17.4% in value compared to the same period last year.

The estimated average export price of Vietnamese cashew nuts in November 2023 reached US$5,512 per ton, a decrease of 12.6% compared to October 2023 and a decrease of 2.8% compared to November 2022.

For the first 11 months of 2023, the average export price of Vietnamese cashew nuts reached US$5,682 per ton, a decrease of 4.7% compared to the same period last year.

In terms of product structure, Vietnam mainly exports cashew nuts of the W320, W240, and W180 varieties, accounting for 63.51% of the total volume and 69.84% of the total export value of the country. Therefore, the growth in exports of these cashew nut varieties has had a positive impact on the entire industry.

In terms of markets, the United States was Vietnam's largest cashew nut export market in the first 10 months of the year. However, China is emerging as an active buyer.

Specifically, in October 2023, cashew exports to China reached 14,854 tons with a value of over $88.7 million, an increase of 69.4% in volume and 77% in value compared to the same period last year. This volume was the highest since the beginning of the year and made China surpass the US to become the largest importer of Vietnamese cashews in October.

Overall, in the first 10 months of the year, China spent over $522.3 million to import 85,307 tons of cashew nuts, an increase of 43.1% in volume and 47.2% in value compared to the same period last year. China accounted for 16.5% of the volume and 17.7% of the value of Vietnam's cashew nut import markets in the first 10 months of 2023. The average export price to this market reached $6,123/ton, an increase of 2.8% compared to the same period.

Previously, Chinese people often used nuts like almonds and walnuts, but these nuts were much more expensive than cashews. Vietnamese cashews are rich in nutrients, fragrant, delicious, and have a rich, buttery flavor. Therefore, cashews have gradually become popular and their consumption has increased in the Chinese market, being incorporated into various dishes.

Previously, due to difficulties both internally and in the export market, the Vietnam Cashew Association (VINACAS) proposed adjusting the cashew export turnover for 2023 down to US$3.05 billion. Prior to this, VINACAS had also proposed adjusting the cashew export turnover target down from US$3.8 billion as planned by the Ministry of Agriculture and Rural Development to US$3.1 billion.

Cyclical factors and increased import demand from the US and EU markets to serve year-end holiday consumption have boosted Vietnam's cashew export value in the final months of the year. However, cashew exports for the whole of 2023 are still unable to reach the record high.

Besides the achievements, according to VINACAS, quality has become a major issue for Vietnam's cashew processing industry. Recently, the Vietnam Cashew Association received warnings about quality from two associations in the United States and Europe, as well as several major customers. The indicators being warned about include live insects, pesticide residues, and foreign matter.

According to industry experts, with current technological advancements, Vietnamese cashews are facing competition from other countries, especially those with strong raw cashew production capabilities like Ivory Coast. Therefore, the cashew industry needs to focus on processing quality and diversify processed cashew products to increase its competitive advantage.

Mr. Pham Van Cong, Chairman of the Vietnam Cashew Association, emphasized that maintaining the quality of exported cashew products is currently a vital factor for cashew processing and trading businesses as well as the Vietnamese cashew industry. This is because many previous advantages are no longer available due to increasing competitive pressure from African countries.

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