The US continues to be Vietnam's largest cashew export market.

According to statistics from the General Department of Customs, Vietnam's cashew exports in March 2024 reached 58,922 tons, equivalent to US$315.4 million, a sharp increase of 121.6% in volume and 122.3% in value compared to the previous month. This is also the strongest growth rate among all of Vietnam's export items.

By the end of the first quarter of 2024, Vietnam exported 150,683 tons of cashew nuts, earning over 808.8 million USD, an increase of 35.4% in volume and 24.6% in value compared to the same period last year. The average export price of cashew nuts reached 5,368 USD/ton, a decrease of nearly 8% compared to the same period last year.

In the first three months of 2024, Vietnam exported 39,142 tons of cashew nuts to the US market.

Regarding markets, the US remained Vietnam's largest export market in the first three months of 2024, reaching 39,142 tons, worth over $208 million, an increase of 35.3% in volume and 23% in value compared to the same period last year. In March alone, Vietnam exported 16,139 tons of cashew nuts to the US market, equivalent to $86.8 million, an increase of 23.3% in volume and 51.8% in value compared to March 2024. The average export price reached $5,315 per ton, a decrease of 9% compared to the same period.

China ranked second, importing 23,537 tons of cashew nuts from Vietnam in the first quarter of 2024, a sharp increase of 102.5% in volume and 74.5% in value. The export price reached US$5,576 per ton, a decrease of 13.8% compared to the same period.

The Netherlands was Vietnam's third largest cashew export market in the first three months of the year. Vietnam supplied this market with 10,285 tons of cashews, equivalent to over $57.4 million, an increase of 3.5% in volume but a decrease of 5.3% in value compared to the first quarter of 2023. The average export price also showed a downward trend, reaching $5,588 per ton, down 8.4% compared to the same period.

Beyond the top 3, many other markets in Europe and Asia are also actively importing cashew nuts from Vietnam, showing a recovery after the decline in February.

Vietnam has maintained its position as the world's number one exporter of cashew kernels for 16 consecutive years, accounting for nearly 80% of the total global production.

According to the Vietnam Cashew Association (Vinacas), the recent drop in cashew export prices is due to the rapid increase in raw cashew production in Cambodia and African countries. Meanwhile, the area under cashew cultivation in Vietnam is shrinking as farmers switch to other crops.

Experts predict that the cashew industry will have good prospects in 2024, with the global market projected to grow at an average rate of 4.6% during the period 2022-2027. The global trend towards vegan and plant-based diets has led to increased demand for nuts and processed nut products, including cashews.

Source: https://congthuong.vn/my-tiep-tuc-la-thi-truong-xuat-khau-hat-dieu-lon-nhat-cua-viet-nam-314115.html