Cashew exports, expected to regain growth momentum

Cambodia's cashew exports to Vietnam increased nearly 37 times. Vietnam spent nearly $2.3 billion buying cashews in the first seven months of the year.

According to statistics from the General Department of Customs, cashew exports in the first eight months of 2024 reached 486,470 tons, equivalent to nearly 2.78 billion USD, with an average price of 5,706 USD/ton, an increase of 22.9% in volume, an increase of 21.8% in value, but a decrease of 0.9% in price compared to the first eight months of 2023.

In August 2024 alone, the estimated volume reached 64,560 tons, equivalent to $408.44 million, with an average price of $6,326 per ton, a decrease of 3.5% in volume, a decrease of 1% in value, and an increase of 2.6% in price compared to July 2024; while compared to August 2023, it increased by 6.2% in volume, 21.9% in value, and 14.8% in price.

Xuất khẩu hạt điều 8 tháng đầu năm 2024 tăng trưởng

Cashew exports are expected to regain growth momentum. Photo: Vinacas

Cashew nuts are exported most to the US market, accounting for nearly 28% of the total volume and value of this product group nationwide, reaching 134,109 tons, equivalent to nearly 762.72 million USD, an increase of 29.3% in volume and 28.9% in value compared to the same period in 2023. The export price to this market decreased by 0.3%, averaging 5,687 USD/ton. In August 2024 alone, exports to the US totaled 20,099 tons of cashew nuts, equivalent to 128.27 million USD, at a price of 6,382 USD/ton, a decrease of 3.9% in volume and 0.9% in value, but an increase of 3.2% in price compared to July 2024. Compared to August 2023, there was an increase of 35.7% in volume, 60.6% in value, and 18.4% in price.

China ranked second with 82,863 tons of cashew nuts, earning $464.39 million, an increase of 43.5% in volume and 28.9% in value compared to the same period; exports to the Netherlands reached 44,839 tons, equivalent to $261.13 million, an increase of 15.5% in volume and 14.9% in value; and Germany reached 16,978 tons, equivalent to $94.97 million, an increase of 23.6% in volume and 22.6% in value.

Vietnam currently holds the number one position in the world for cashew exports. With positive results in the first eight months of 2024, the cashew industry is expecting a record export value of 4 billion USD for the whole year of 2024.

The Vietnam Cashew Association predicts that Vietnam's cashew exports will increase in the fourth quarter of 2024 due to rising global demand. In particular, recovering demand in the US and a sharp decrease in inventory will lead to increased imports.

According to forecasts, the global cashew market will grow at an average rate of 4.6% during the period 2022-2027. The trend towards vegan and plant-based diets has led to increased demand for nuts and processed nut products, including cashews...

Experts recommend that businesses should boost the production of high-quality, deeply processed cashew products, thereby reaching more discerning customers and selling them at better prices.

Source: https://congthuong.vn/xuat-khau-dieu-ky-vong-lay-lai-da-tang-truong-345644.html