UK market increases cashew purchases from Vietnam

The Import-Export Department (Ministry of Industry and Trade) cited data from the General Department of Customs, saying that in May 2024, Vietnam exported 67.71 thousand tons of cashew nuts, worth 370.34 million USD, up 1.0% in volume and 3.3% in value compared to April 2024, up 18.1% in volume and 9.0% in value compared to May 2023. In the first 5 months of 2024, Vietnam exported 285.1 thousand tons of cashew nuts, worth 1.53 billion USD, up 29.5% in volume and 18.5% in value compared to the same period last year.

The United States is the largest market for Vietnamese cashew nuts.

In May 2024, the average export price of Vietnam's cashew nuts reached 5,469 USD/ton, up 2.2% compared to April 2024, but down 7.7% compared to May 2023. In the first 5 months of 2024, the average export price of Vietnam's cashew nuts reached 5,387 USD/ton, down 8.4% over the same period last year.

In May 2024, Vietnam increased cashew nut exports to most markets, except the UK and Canada. In the first 5 months of 2024, Vietnam increased cashew nut exports to most markets, except Saudi Arabia. Notably, Vietnam's cashew nut exports to many major markets recorded high growth rates such as Russia, China, Germany, etc.

Among the 10 largest cashew nut export markets of Vietnam in May and the first 5 months of 2024, the United States ranked first with an export volume of 75,072 thousand tons and a value of over 399 million USD. Second place was China with 53,334 thousand tons and over 289 million USD; the Netherlands ranked third with 22,088 thousand tons and over 122 million USD; Germany ranked fourth with over 9 thousand tons and a turnover of over 48.6 million USD; the United Arab Emirates ranked fifth with 8.3 thousand tons and a value of over 46.3 million USD.

The next positions include the UK, Canada, Australia, Saudi Arabia, and Russia. Regarding the UK market alone, according to data from the General Department of Vietnam Customs, the export turnover of cashew nuts to this market reached more than 8.1 million tons with a value of more than 40.1 million USD, an increase of 13% in volume and 5.8% in value compared to the same period last year. This is also the 6th largest market among Vietnam's cashew nut export markets.

According to data from the International Trade Center, in the first quarter of 2024, the UK imported 6.06 thousand tons of cashew nuts from the world, worth nearly 33.48 million USD, up 20.4% in volume and 14.4% in value over the same period last year.

The UK's cashew nut import price from the world in the first quarter of 2024 reached 5,521 USD/ton, down 5.1% compared to the same period last year. Of which, the UK's cashew nut import price from Vietnam decreased by 3.3%, down to 5,484 USD/ton; from Ivory Coast decreased by 19.8%, down to 5,223 USD/ton; from India decreased by 19.4%, down to 7,170 USD/ton...

In the first quarter of 2024, the UK imported cashew nuts mainly from Vietnam, reaching over 5.55 thousand tons, worth nearly 30.47 million USD, up 23.9% in volume and 19.8% in value over the same period last year.

Vietnam's share of cashew nuts in the UK's total imports from the world increased from 89.06% in the first quarter of 2023 to 91.63% in the first quarter of 2024. In the first quarter of 2024, the UK also increased cashew nut imports from the Ivory Coast, India, and Nigeria markets with triple-digit increases. However, the UK's cashew nut imports from these markets remained low.

Source: https://congthuong.vn/thi-truong-anh-tang-mua-hat-dieu-tu-viet-nam-327631.html