Vietnam spent nearly 2.3 billion USD buying cashew nuts in the first 7 months of the year

Preliminary statistics from the General Department of Customs show that as of August 15, our country has exported nearly 451,600 tons of cashew nuts, earning 2.55 billion USD. Compared to the same period last year, the amount of exported cashew nuts increased by 25.2%, and the value increased by 22.6%.

According to statistics from Vietnam Customs, in the first 7 months of 2024, Vietnam exported 421,500 tons of cashew nuts, worth 2.36 billion USD (up 25.8% in volume and 21.6% in value over the same period in 2023).

Vietnam's average cashew export price in the first 7 months of 2024 reached 5,611 USD/ton (down 3.3% compared to the same period in 2023).

Vietnam spent nearly 2.3 billion USD buying cashew nuts in the first 7 months of the year. Photo: Investment Newspaper

In the first 7 months of 2024, Vietnam's cashew nut exports to traditional and potential markets such as the US, China, the Netherlands, Russia, France... all grew positively compared to the same period in 2023.

Vietnam is currently the world's number 1 cashew nut exporter. In 2024, the Vietnamese cashew industry aims to reach an export turnover of 3.8 billion USD (an increase of 200 million USD compared to 2023).

However, about 90% of raw materials for the production of Vietnam's cashew industry are imported from Africa and Cambodia. The reason is that our country's domestic supply of raw materials is quite modest due to the narrowing of the planting area.

According to data from the General Department of Customs, in the first 7 months of 2024, Vietnam imported more than 1.78 million tons of raw cashew nuts, worth more than 2.1 billion USD (up 2.5% in volume and 0.6% in value compared to the same period in 2023). From January to August 15, our country spent nearly 2.3 billion USD to import about 1.88 million tons of raw cashew nuts, a slight increase compared to the same period last year.

The heavy dependence on imported raw materials has caused many difficulties for the Vietnamese cashew industry. Typically, at the beginning of this year, the price of this type of nut skyrocketed, suppliers demanded price increases or reneged on orders, causing domestic cashew factories to struggle due to lack of raw materials.

Recently, the Binh Phuoc Cashew Association had to call for help because of the situation of poor quality goods impersonating the province's cashew brand being sold widely online.

Specifically, the cheap products are old-crop imported cashew nuts of poor quality. Many of them have worms and mold inside, no longer have the characteristic flavor and can affect the health of consumers; at the same time, affect the brand of Vietnamese cashews.

However, Vietnam - the world's leading cashew exporter - has increased its import of raw cashews, making it difficult for cashew growers to sell their products, and the domestic purchase price of fresh cashews has decreased.

Domestic cashew prices are difficult to compete with imported goods, and income is not guaranteed, so many farmers have to cut down their cashew trees to switch to other crops.

The above situation causes the area of ​​this crop in our country to gradually decrease every year. Specifically, from 440,000 hectares in 2007, by 2022 the total cashew area in the country decreased to 305,000 hectares. In 2023, the cashew area decreased to 300,000 hectares, with an output of 347,600 tons.

Source: https://congthuong.vn/viet-nam-chi-gan-23-ty-usd-mua-hat-dieu-trong-hon-7-thang-dau-nam-340705.html