According to statistics from the General Department of Customs, in August 2023, Vietnam's cashew nut exports continued to record a new record high of 60.58 thousand tons, earning 333.8 million USD, up 10.8% in volume and 9.7% in value compared to July 2023.

Compared to August last year, cashew exports increased sharply by 29.2% in volume and 21.8% in value.

By the end of August this year, our country exported nearly 395.6 thousand tons of cashew nuts, worth 2.28 billion USD, up 15.5% in volume and 11.3% in value over the same period last year.

Cashew nuts also became the third industry to record high growth in the first 8 months of 2023 in the "billion-dollar export club" of the agricultural sector, behind only vegetables and rice.

However, the average export price of Vietnam's cashew nuts in the first 8 months of 2023 only reached 5,760 USD/ton, down 3.6% over the same period in 2022.

Notably, the cashew industry is still in a trade deficit situation when import turnover up to the end of August this year reached approximately 2.46 billion USD, an increase of 12.4% over the same period last year.

Regarding export markets, the US and China are still the largest customers of Vietnamese cashew nuts. These two markets account for 41.8% of the total export turnover of cashew nuts of our country in the first 8 months of this year.

In August, the US and China both spent large sums of money on cashew nuts. As a result, Vietnam's cashew export value increased by 33.8% and 37.3% respectively compared to August 2022.

In particular, cashew exports to the United Arab Emirates market increased by 148.7% compared to August last year. The remaining markets also recorded double-digit growth.

In the first 8 months of 2023, except for Australia and Spain, cashew nut exports to all major markets increased. Of which, cashew nut exports to the Chinese market earned nearly 361 million USD, up 33.9% over the same period last year.

Cashew exports to the United Arab Emirates and Saudi Arabia increased sharply over the same period last year, at 46.6% and 40.1% respectively.

Industry experts predict that from the third quarter of 2023, Vietnam's cashew nut exports will increase thanks to cyclical factors and increased import demand from the US and EU.

Currently, domestic factories have signed many new orders and the demand for this product has begun to increase. Production activities are bustling, many units have had to increase processing capacity to meet the signed orders for the last two quarters of the year.

Improving quality, diversifying products and taking advantage of market opportunities will help the Vietnamese cashew industry continue to grow and make breakthroughs.

According to the latest plan of the Vietnam Cashew Association (Vinacas), if the price of raw cashews continues to be stable and tends to decrease from now until the end of the year and early 2024, Vietnam's cashew nut export turnover in 2023 will reach about 3.05 billion USD (a decrease of 50 million USD compared to the plan).

vietnamnet.vn