According to data from the General Department of Customs, cited by the Vietnam Cashew Association, in September 2024, the country exported nearly 60,000 tons of cashew kernels of all types, with export revenue reaching US$393.4 million, an increase of 10.1% in volume and a sharp increase of 34.84% in value compared to the same period in 2023. However, this export volume was lower than in August 2024 (70.87 thousand tons) and July 2024 (74.12 thousand tons).
The average export price of cashew nuts in September 2024 reached US$6,560 per ton, an increase of 22.5% compared to the same period last year.
This is the highest price in 2024, higher than the prices of previous months such as August 2024 at $6,424.7/ton and July 2024 at $6,279.59/ton.
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Overall, in the first nine months of 2024, the whole country exported 581.13 thousand tons of cashew kernels of all types with an export value of 3.38 billion USD, an increase of nearly 28% in volume and 32.6% in value compared to the first nine months of 2023. The average export price in the first nine months of 2024 reached 5,775.5 USD/ton, an increase of 2.8% compared to the same period last year.
Conversely, in September 2024, the whole country imported 188.8 thousand tons of raw cashew nuts, worth 260 million USD, a decrease of 23.18% in volume and an increase of 7.42% in value. The average import price reached 1,377 USD/ton, an increase of 39.8% compared to the same period last year.
From January to September 2024, the whole country imported 2.14 million tons of raw cashew nuts, worth 2.6 billion USD, a decrease of 11.7% in volume and 7.3% in value compared to the first nine months of 2023. The average import price reached 1,212 USD/ton, an increase of 3.13% compared to the same period last year.
In the first nine months of 2024, the main import markets remained: Cambodia (773.6 thousand tons, up 26.16% year-on-year), Ivory Coast (494.8 thousand tons, down 33.8% year-on-year), and several other countries.
Specifically, in September 2024, Vietnam imported 90,000 tons of cashew nuts from Ivory Coast, a slight increase compared to August 2024's 68,800 tons. The import value reached US$120 million, a significant increase compared to August's US$88.2 million. Compared to the same period in September 2023, import volume decreased by 29.9%, and import value decreased by 3.59%.
However, in September 2024, Ivory Coast maintained its position as the number one market for raw cashew exports, similar to the previous month.
In terms of total import volume, in the first nine months of 2024, Vietnam imported a total of 494.8 thousand tons of raw cashew nuts from Ivory Coast, worth 576.4 million USD, a decrease of 33.8% in volume and 28.74% in value compared to the same period in 2023.
Although import volumes in September 2024 were lower than in July and June 2024, the increase in import value in September 2024 compared to August indicates an upward trend in market prices.
According to some international experts, the increase in cashew kernel prices in 2024 may be due to supply chain disruptions: Vietnam, the world's largest cashew processor, is facing a more than 10% decrease in imported raw cashews compared to the same period last year. This has led to a shortage of supply. Poor harvests in West Africa, the main source of raw cashews, have also exacerbated the shortage. The high price of raw cashews and the lack of raw materials have driven up the price of cashew kernels.
Additionally, high demand in emerging markets: Countries like China and other parts of Asia are seeing strong demand growth due to an expanding middle class and increasing consumer focus on health. Increased competition for available supply has driven prices up.
Global economic and environmental factors: Exchange rate fluctuations and adverse weather conditions due to climate change have made production costs more expensive and unpredictable. Harvest yields are affected, increasing processing costs, which in turn leads to higher retail prices for consumers.
Geopolitical tensions: Some regions, such as the Middle East, are seeing reduced demand due to political instability. However, overall global demand remains strong, particularly in Western markets, where consumers' focus on health is driving consumption.
Despite numerous challenges, the long-term outlook for cashew prices suggests continued volatility, with prices likely to remain high due to limited supply and increased global demand, particularly during the year-end holiday season.
Source: https://congthuong.vn/gia-hat-dieu-xuat-khau-thang-9-tang-cao-nhat-ke-tu-dau-nam-354289.html
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