Vietnam spends 2.89 billion USD importing cashew nuts

In the first 10 months of 2024, cashew nut imports reached more than 2.3 million tons, worth more than 2.89 billion USD, down 8.5% in volume and 1.1% in value compared to the same period in 2023.

According to preliminary statistics of the General Department of Customs, import Cashew nuts imported to Vietnam in October reached more than 141 thousand tons, worth more than 220 million USD, down 16.9% in volume and 9.3% in value compared to the previous month.

In the first 10 months of 2024, cashew nut imports reached more than 2.3 million tons, worth more than 2.89 billion USD, down 8.5% in volume and 1.1% in value compared to the same period in 2023.

In terms of market, Cambodia is Vietnam's largest cashew nut supplier with an output of more than 815 thousand tons, worth more than 1.06 billion USD, up 33% in volume and 27% in value over the same period in 2023.

In the first 10 months of 2024, cashew imports reached more than 2.3 million tons, worth more than 2.89 billion USD. Photo: TL

The average import price reached 1,300 USD/ton, down 5% compared to the same period last year. In 2022, Cambodia exported 471,520 tons of raw cashew nuts and earned more than 1.07 billion USD. Of which, up to 98.5% of Cambodia's cashew exports were sold to Vietnam.

Ivory Coast ranked second among suppliers with more than 547 thousand tons, worth more than 678 million USD, down 30% in volume and 20% in value compared to the same period last year. The average import price reached 1,239 USD/ton, up 14%.

Ghana is Vietnam's third largest cashew nut supplier with more than 264 thousand tons, worth more than 301 million USD, up 12% in volume and 18% in value over the same period in 2023. The average import price reached 1,141 USD/ton, up 6% over the first 10 months of 2023.

According to some international experts, cashew nut prices in both import and export have been fluctuating continuously since the beginning of the year, possibly due to supply chain disruptions that have led to an increasingly narrowing of the growing area.

Vietnam, the world’s largest cashew processor, is facing a 10% year-on-year drop in raw cashew imports. Poor harvests in West Africa, the main source of raw cashews, have also exacerbated the shortage. High raw cashew prices and a lack of raw materials have pushed up the price of cashew kernels.

Additionally, demand is high in emerging markets: Countries like China and other parts of Asia are seeing strong demand due to an expanding middle class and increasingly health-conscious consumers. Increased competition for available supply has pushed up prices.

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