In 10 months of 2024, Vietnamese cashew nuts reached 613.5 thousand tons of the export volume. The export value reached $3.6 billion, up 18.7% in volume and 22.1% in value year-on-year. This result maintains Vietnam’s position as the global leader in cashew nut exports for consecutive years. It also enhances the international reputation of Vietnam’s cashew industry.
The export value of cashew nuts now equals the total for the entire year of 2023. Vietnam’s cashew industry has maintained its position as the world’s largest exporter for nearly two decades. The average export price of cashew nuts in the first 10 months of 2024 was $5,867 per ton. This represents a 2.9% increase compared to the same period in 2023.
Vietnamese cashew nuts
In the first 10 months of 2024, Vietnamese cashew nuts increased across all 15 major markets. Notably, the highest growth was in the UAE, up 58.3%, and the lowest in Japan, up 1.1%. Vietnam’s cashew exports hit a record high of $3.63 billion in 2021 but dropped to $3.08 billion in 2022.
Exports rebounded to $3.6 billion in 2023, the same as in the first 10 months of 2024. According to a forecast, export value will hit $4.5 billion in 2024.
In recent years, Vietnam’s cashew industry has consistently maintained its position as the world’s top exporter of cashew kernels. It has also strengthened its brand reputation in international markets.
As a leading cashew exporter, Vietnam has a significant voice in global discussions on export pricing. Vietnamese cashew kernels have presence in more than 90 countries and territories worldwide. Therefore, export turnover has shown steady growth year after year.
Vietnam’s cashew nuts: tin packing
In October 2024, raw cashew imports were estimated at 160,000 tons, valued at $243.5 million. Total imports in the first 10 months of 2024 reached 2.32 million tons, valued at $2.92 billion. This represents a 7.9% drop in volume and a 0.5% decrease in value compared to the same period in 2023.
The average import price in 2024 was $1,256/ton, an increase of 8.1% year-on-year. Cambodia, Côte d’Ivoire, and Ghana supplied 71.7% of raw cashews to Vietnam. Import value from Cambodia rose 26.5%, Ghana 16.7%, while Côte d’Ivoire’s dropped 24.7%.
Despite being the world’s leading exporter, Vietnam imports 90% of its raw cashew materials. Domestic supply cannot meet the demand of processors, leading to increased reliance on imports. Over-reliance on imports disrupts local farmers, forcing many to abandon cashew farming.
A factory of Vietnamese cashew nuts
In 2021, Vietnam exported processed cashew nuts worth $3.63 billion but imported raw cashews worth $4.12 billion. This caused a trade deficit of $600 million and left 1.3 million tons of raw cashews in stock. Unsold inventory led to declining product quality and financial strain for the industry. Subsequent investigations revealed signs of trade fraud, resulting in criminal charges for two cases.
By mid-2023, the trade deficit ended, achieving a trade surplus of $400 million by year’s end. In 2024, a trade surplus of nearly $700 million was achieved by October, indicating recovery.
Vinacas warns that Vietnam’s leading position in the global cashew market is at risk. FDI enterprises dominate raw material supply, threatening domestic processors. Allowing cashew kernel imports without protectionist measures could lead to further losses for domestic players. Vietnam needs to develop stable raw material zones and increase deep processing capacity. Building a sustainable supply chain is critical to maintaining global market leadership.
Vietnamese sources: https://vneconomy.vn/viet-nam-tiep-tuc-giu-vung-vi-tri-so-1-the-gioi-ve-xuat-khau-dieu-nhan-che-bien.htm