What can we see from the export figure of nearly 4 billion USD of the cashew industry?

Cashew exports, one of our country's billion-dollar agricultural products, reached nearly 4 billion USD in 11 months of 2024, up 20.6% over the same period, but to have this revenue, the industry had to spend more than 3 billion USD to import raw materials.

Cashew exports, one of our country's billion-dollar agricultural products, reached nearly 4 billion USD in 11 months of 2024, up 20.6% over the same period, but to have this revenue, the industry had to spend more than 3 billion USD to import raw materials.

Vietnam's cashew industry exported nearly 4 billion USD in 11 months of 2024 but import expenditure also reached 3.040 billion USD.

Along with coffee, vegetables, rice, cashew exports set a record in the 11 months of 2024, with 669,000 tons, worth 3.98 billion USD, up 15.2% in volume and 20.6% in value over the same period last year. Compared to the whole year of 2023, the export value increased by about 340 million USD.

Vietnam mainly exports cashew nuts W320, W240, W180, accounting for 63.5% of total volume and 70% of total export turnover of the country.

In recent years, Vietnam's cashew nut export turnover has always maintained its number one position in the world , with a value of about 3-4 billion USD/year.

Considered the world's leading cashew nut producing country, however, Vietnam's cashew industry is facing many opportunities and challenges in the context of fierce competition with countries such as Cambodia and some African countries.

Exports have increased sharply, reaching approximately 4 billion USD in the past 11 months, but there are many things to discuss behind these export figures. That is, the cost of importing cashew nuts has also increased sharply along with exports.

According to data from the General Statistics Office, in the first 11 months of 2024, the country spent 3.040 billion USD to import cashews, a slight decrease of 1.3% over the same period. Thus, the cashew industry exported a lot but the raw materials were not supplied domestically but depended heavily on raw materials from outside, the trade balance had a surplus of 940 million USD in 11 months.

The processing capacity of cashew factories needs about 3-3.5 million tons of raw cashews each year, however, the domestic raw cashew output is only about 300,000-350,000 tons, equivalent to only 10%.

The shortage of local raw materials is not a new story of the cashew industry. Because, looking at the import-export statistics of the cashew industry in 2023 of the General Department of Customs, this industry achieved a total import-export turnover of 6.83 billion USD, of which exports were 3.64 billion USD, and imports also reached 3.19 billion USD.

Although exports were nearly 3.7 billion USD, imports were also high, so the industry's trade surplus last year was only 450 million USD.

Vietnam ranks number 1 in the world in production and export of cashew nuts, but depends 90% on imported raw materials, domestic supply only meets about 10%.

Currently, businesses have to import about 3 million tons of raw materials each year, of which nearly 80% come from Africa. African raw cashews contribute greatly to the export results of the Vietnamese cashew industry. The dependence on imported raw materials makes this industry more risky.

It is expected that the cashew industry's export turnover could reach 4.3 billion USD this year, but the import figure is likely to reach 3.2 billion USD.

Source: https://baodautu.vn/thay-gi-tu-con-so-xuat-khau-gan-4-ty-usd-cua-nganh-dieu-d232107.html