Countries are importing Vietnamese cashew nuts in large quantities.

Maintaining its position as the world's number one supplier of cashew kernels, countries are flooding Vietnam's cashew imports. In particular, China has spent a large amount of money buying cashews from Vietnam over the past eight months.

According to statistics from the General Department of Customs, in August 2023, Vietnam's cashew exports continued to record a new record high of 60.58 thousand tons, earning 333.8 million USD, an increase of 10.8% in volume and 9.7% in value compared to July 2023.

Compared to August last year, cashew exports increased sharply by 29.2% in volume and 21.8% in value.

As of the end of August this year, Vietnam exported nearly 395,600 tons of cashew nuts, worth 2.28 billion USD, an increase of 15.5% in volume and 11.3% in value compared to the same period last year.

Cashew nuts also became the third sector to record high growth in the first eight months of 2023 in the agricultural sector's "billion-dollar export club," ranking only behind fruits and vegetables and rice.

However, the average export price of Vietnamese cashew nuts in the first eight months of 2023 reached only $5,760 per ton, a decrease of 3.6% compared to the same period in 2022.

Notably, the cashew industry remains in a trade deficit, with import turnover reaching approximately $2.46 billion by the end of August this year, a 12.4% increase compared to the same period last year.

Regarding export markets, the US and China remain the largest customers for Vietnamese cashew nuts. These two markets accounted for 41.8% of Vietnam's total cashew nut export value in the first eight months of this year.

In August, both the US and China spent large sums of money purchasing cashew nuts. As a result, Vietnam's cashew export value increased by 33.8% and 37.3% respectively compared to August 2022.

In particular, cashew exports to the United Arab Emirates increased by 148.7% compared to August last year. Other markets also recorded double-digit growth.

Overall, in the first eight months of 2023, excluding Australia and Spain, cashew exports to all major markets increased. In particular, cashew exports to China generated nearly $361 million, a 33.9% increase compared to the same period last year.

Cashew exports to the United Arab Emirates and Saudi Arabia increased sharply compared to the same period last year, by 46.6% and 40.1% respectively.

Industry experts predict that from the third quarter of 2023, Vietnam's cashew exports will increase due to cyclical factors and a resurgence in import demand from the US and EU.

Currently, domestic factories are securing many new orders, and demand for this product is starting to increase. Production is booming, with many units having to increase processing capacity to meet orders signed for the last two quarters of the year.

Improving product quality and diversification, along with effectively seizing market opportunities, will help Vietnam's cashew industry continue to grow and make breakthroughs.

According to the latest plan of the Vietnam Cashew Association (Vinacas), if the price of raw cashews continues to stabilize and tends to decrease further from now until the end of the year and the beginning of 2024, Vietnam's cashew kernel export turnover in 2023 will reach approximately 3.05 billion USD (a decrease of 50 million USD compared to the planned target).

vietnamnet.vn