According to data from the General Department of Customs, cashew exports in December 2023 reached 63 thousand tons, equivalent to 343 million USD, not much fluctuation compared to the previous month. However, compared to December 2022, cashew exports increased by 34% in volume and 27.5% in value.
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| In 2023, cashew exports will officially earn 3.64 billion USD |
In 2023, cashew exports reached the target of 644 thousand tons, equivalent to 3.6 billion USD, up 24% in volume and 18% in value compared to 2022. With this result, the cashew industry exceeded the plan of 3.05 billion USD by 18%. This is also the highest result in many years.
In 2023, cashew exports to some major markets such as the United States, China, and the Netherlands recorded positive growth. Specifically, cashew exports to the United States reached 885 million USD, up 5% compared to 2022 and accounting for nearly 25% of the total export turnover of this item.
According to cyclical factors, Vietnam's cashew export activities will be bustling in the last months of the year. The demand for cashew nuts for holidays and Tet will increase sharply. The Vietnamese cashew industry has high expectations after US President Joe Biden's visit to Vietnam in September 2023.
Mr. Tran Huu Hau - Deputy General Secretary of the Vietnam Cashew Association (Vinacas) said that the Vietnamese cashew industry has had a foothold in the United States for many years, and the demand of this market is quite stable.
After Vietnam - US relations are upgraded, Vinacas hopes that cashew businesses can access modern US technology and production lines, serving the new direction of the industry, which is to focus on processing and exporting value-added products, instead of cashew nuts as at present.
In addition, cashew exports to China also recorded a breakthrough after the country lifted Covid-19 prevention measures, with turnover reaching 683 million USD, an increase of 55% compared to 2022 and accounting for 19% of total cashew export turnover.
Cashew exports to the Netherlands - the gateway to the EU market in 2023 reached 353 million USD, an increase of 19% compared to 2022 and accounting for 10% of total cashew export turnover.
Other potential markets such as Germany, the UK, the United Arab Emirates, etc. also recorded positive results in 2023.
The Import-Export Department (Ministry of Industry and Trade) stated that the Vietnamese cashew industry has exploited traditional and potential markets well. It is forecasted that cashew exports in 2024 will still have a lot of room for export growth.
Previously, in early 2023, the Ministry of Agriculture and Rural Development assigned the cashew industry an export turnover target of 3.8 billion USD. However, due to the difficult market situation in the first half of 2023, the cashew industry requested to lower the target to 3.05 billion USD.
In December 2023, Vietnam's cashew export price was at 5,497 USD/ton, down 4% compared to December 2022 and down 11% compared to December 2021. The average cashew export price in 2023 reached 5,677 USD/ton, down 5% compared to 2022 and down 10% compared to 2021.
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