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 nut exports in the first 8 months of 2024 reached 486,470 tons, equivalent to nearly 2.78 billion USD, with an average price of 5,706 USD/ton, up 22.9% in volume, up 21.8% in turnover but down 0.9% in price compared to the first 8 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 to the US market the most, accounting for nearly 28% of the total volume and total export turnover of this commodity group of the whole country, reaching 134,109 tons, equivalent to nearly 762.72 million USD, up 29.3% in volume and 28.9% in turnover over the same period in 2023. The export price to this market decreased by 0.3%, reaching an average of 5,687 USD/ton. In August 2024 alone, 20,099 tons of cashew nuts were exported to the US, equivalent to 128.27 million USD, priced at 6,382 USD/ton, down 3.9% in volume, down 0.9% in turnover but up 3.2% in price compared to July 2024; Compared with August 2023, it increased by 35.7% in volume, 60.6% in turnover and 18.4% in price.

Ranked second is the Chinese market with 82,863 tons of cashew nuts, earning 464.39 million USD, up 43.5% in volume and 28.9% in turnover over the same period; exported to the Netherlands market 44,839 tons, equivalent to 261.13 million USD, up 15.5% in volume and 14.9% in turnover; Germany 16,978 tons, equivalent to 94.97 million USD, up 23.6% in volume and 22.6% in turnover.

Vietnam currently holds the world's No. 1 position in cashew nut exports. With positive results in the first 8 months of 2024, the cashew industry is expecting a record turnover of 4 billion USD for the whole year of 2024.

The Vietnam Cashew Association believes that Vietnam's cashew exports will increase in the fourth quarter of 2024 thanks to increased global demand. In particular, the US consumption demand shows signs of recovery, and a sharp decrease in inventories 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 need to promote the production of deep-processed, high-quality cashew products, thereby reaching more demanding customers and selling at better prices.

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