According to statistics from the General Department of Customs, in the first four months of this year, Vietnam exported over 217,500 tons of cashew nuts, earning 1.17 billion USD. Compared to the same period last year, Vietnam's cashew nut exports increased by 34% in volume and 22.5% in value.

Over the past four months, cashew exports to most markets have shown positive growth. In particular, Vietnam's cashew exports to many major markets have seen double- and triple-digit increases.

The US remains Vietnam's largest customer for cashew nuts, with consumers in that country showing a strong preference for them. By the end of April this year, Vietnam had exported nearly 57,200 tons of cashew nuts to the US market, generating $304.1 million in revenue, representing a 32.3% increase in volume and a 20.4% increase in value compared to the same period last year.

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Vietnamese cashew nuts are praised by China as delicious and favored by American customers. Illustration photo: Son Trang/NNVN

Notably, in the Chinese market, Vietnamese cashews are praised for their delicious taste and superior quality compared to domestic products, with a stable supply year-round. As a result, China has significantly increased its purchases of cashews from Vietnam, reducing purchases from other countries.

Statistics show that in the first four months of the year alone, Vietnam exported 37,200 tons of cashew nuts to China, earning $201.4 million. Compared to the same period last year, cashew nut exports increased sharply by 97.6% in volume and 62.4% in value.

Notably, over 90% of China's cashew nuts are imported from Vietnam.

Last year, Vietnam's cashew exports reached 644,000 tons, valued at $3.64 billion, a 24% increase in volume and over an 18% increase in value compared to 2022. The US and China are also major customers for Vietnamese cashews.

Specifically, in 2023, the US was Vietnam's largest cashew export market, accounting for 24.6% of the country's total cashew exports. Exports to this market reached 158.5 thousand tons, valued at $886 million, representing a 10.3% increase in volume and a 5.1% increase in export value compared to 2022.

Cashew exports to the Chinese market recorded a breakthrough, reaching 113,000 tons, earning $683 million, an increase of 49.8% in volume and 55.2% in value compared to the previous year. The Chinese market accounts for 17.5% of Vietnam's total cashew export turnover.

Among the top 10 largest markets for Vietnamese cashews, the growth rate of the Chinese market is second only to the Russian market, but far surpasses other markets such as the US, UAE, Germany, UK, Canada, etc.

Despite fluctuations in price and production, Vietnamese cashews consistently account for an overwhelming 80-90% of total imports in the Chinese and US markets. The Vietnamese cashew industry has maintained its position as the world's number one exporter for 16 consecutive years.

The global cashew market is projected to grow at an average rate of 4.6% between 2022 and 2027. The increasing trend towards vegan and plant-based diets is driving up demand for nuts and processed nut products, including cashews. In the Chinese market, the Vietnamese cashew industry has a significant opportunity to boost exports as demand from this populous nation continues to grow.

"Cashew exports will continue to maintain high growth momentum, aiming for a new record of $3.8 billion this year," said Mr. Bach Khanh Nhut, Vice President of the Vietnam Cashew Association.

However, for sustainable development, the leaders of the Vietnam Cashew Association believe that the country's cashew industry needs to focus on developing its own raw material areas instead of relying heavily on imports as it does currently.

Businesses can cooperate in exploiting and developing cashew growing areas in Cambodia and southern Laos; then import this raw cashew into Vietnam for processing.

Vietnam earns $2.95 billion from selling over half a million tons of cashew nuts in the first 10 months of this year. Of this, the US and China spent a significant amount of money buying Vietnamese cashews. This sector has shifted from a trade deficit to a trade surplus.