The US continues to be Vietnam's largest cashew export market.

According to statistics from the General Department of Customs, Vietnam's cashew nut exports in March 2024 reached 58,922 tons, equivalent to 315.4 million USD, a sharp increase of 121.6% in volume and 122.3% in value compared to the previous month. This is also the strongest growth rate among all export items of Vietnam.

At the end of the first quarter of 2024, our country exported 150,683 tons of cashew nuts, earning more than 808.8 million USD, up 35.4% in volume and 24.6% in value over the same period last year. The average export price of cashew nuts reached 5,368 USD/ton, down nearly 8% over the same period last year.

In the first 3 months of 2024, Vietnam exported 39,142 tons of cashew nuts to the US market.

In terms of markets, the US remained Vietnam's largest export market in the first 3 months of 2024, reaching 39,142 tons, worth more than 208 million USD, up 35.3% in volume and 23% in value over the same period last year. In March alone, Vietnam exported 16,139 tons of cashew nuts to the US market, equivalent to 86.8 million USD, up 23.3% in volume and 51.8% in value over March 2024. The average export price reached 5,315 USD/ton, down 9% over the same period.

Ranked second is the Chinese market, importing 23,537 tons of cashew nuts from Vietnam in the first quarter of 2024, a sharp increase of 102.5% in volume and 74.5% in value. The export price reached 5,576 USD/ton, down 13.8% over the same period.

The Netherlands was Vietnam's third largest cashew nut export market in the first three months of the year. Vietnam supplied this market with 10,285 tons of cashew nuts, equivalent to more than 57.4 million USD, up 3.5% in volume but down 5.3% in value compared to the first quarter of 2023. The average export price also suffered a downward trend, reaching 5,588 USD/ton, down 8.4% over the same period.

In addition to the top 3, many other markets in Europe and Asia also actively imported cashew nuts from Vietnam, showing a recovery after a decline in February.

Vietnam has held the world's number 1 position for 16 consecutive years in cashew nut exports, accounting for nearly 80% of total global output.

The Vietnam Cashew Association (Vinacas) said that the reason for the recent decrease in cashew export prices is due to the rapid increase in raw cashew production in Cambodia and African countries. Meanwhile, the cashew growing area in Vietnam is shrinking as people switch to other crops.

Experts predict that the cashew industry will have good prospects in 2024, the global market is forecast to grow at an average rate of 4.6% in the period 2022-2027. The global trend of favoring vegan and plant-based diets has increased the demand for nuts and nut-based foods; including cashews.

Source: https://congthuong.vn/my-tiep-tuc-la-thi-truong-xuat-khau-hat-dieu-lon-nhat-cua-viet-nam-314115.html