According to statistics from the General Department of Customs, in June 2024, Vietnam's cashew exports reached 65,000 tons, worth 388 million USD, up 8.4% in volume and 13% in value over the same period last year.
In the first 6 months of 2024, Vietnam exported 350,000 tons of cashew nuts, worth 1.92 billion USD, up 25% in volume and 17.4% in value over the same period last year. In June 2024, the average export price of Vietnam's cashew nuts is estimated at 5,973 USD/ton, up 9.2% over May 2024 and up 4.2% over June 2023.
The US, China, and EU are the largest importers of Vietnamese cashew nuts, of which Vietnam's cashew nut market share in the US market is almost the majority.
Specifically, according to data from the US International Trade Commission, in the first 4 months of 2024, the US imported 47,730 tons of cashew nuts, worth 252.96 million USD, up 18.5% in volume and 9.1% in value over the same period last year.
Vietnam's cashew industry is facing fluctuations in raw material prices. In the photo: Processing cashew nuts at a company in Binh Phuoc province. Photo: Binh Phuoc Newspaper.
In the first four months of 2024, the average import price of cashew nuts into the US reached $5,300 per ton, down 7.9% year-on-year. Of which, the average import price of cashew nuts into the US from Vietnam decreased by 7.7% to $5,263 per ton.
In the first 4 months of 2024, the US imported cashews from over 20 countries and territories around the world. The main sources of cashews for the US include: Vietnam, Ivory Coast, Brazil, Indonesia, India;…
Accordingly, cashew nut imports from Vietnam reached 41,980 tons, worth 220.92 million USD, up 11.5% in volume but down 7.7% in value compared to the same period last year. Vietnam's cashew nut market share in total US imports increased from 86.22% in the first 4 months of 2023 to 87.95% in the first 4 months of 2024.
For the Chinese market, according to data from the Chinese Customs Administration, in the first 5 months of 2024, China imported 14,120 tons of cashew nuts, worth 70.91 million USD, down 17.2% in volume and 6.9% in value compared to the same period in 2023. Of which, China increased cashew nut imports from Vietnam and Myanmar.
In terms of price, in the first 5 months of 2024, the average import price of cashew nuts in China reached 5,021 USD/ton, up 12.5% over the same period last year.
In the EU market, according to Eurostat, Vietnam was the largest supplier of cashew nuts outside the bloc to the EU in the first four months of 2024, reaching approximately 35,390 tons, worth 182.77 million EUR (equivalent to 195.63 million USD), up 10.2% in volume, but down 2.2% in value compared to the same period last year.
Vietnam's cashew market share in the EU's total imports from extra-bloc markets accounted for 71.24% of the total volume and 70.66% of the total turnover in the first 4 months of 2024, higher than the market share of 69.09% by volume and 68.19% by turnover in the first 4 months of 2023.
The Import-Export Department (Ministry of Industry and Trade) commented that although exports recorded double-digit growth in the first half of 2024, the Vietnamese cashew industry is facing fluctuations in raw material prices.
Recently, the Vietnam Cashew Association (Vinacas) has received feedback from businesses about not receiving enough raw materials from partners in West African countries due to the sharp increase in raw cashew prices.
The reason is that cashew nut production in West Africa has decreased and some countries such as Ivory Coast have applied a policy of temporarily suspending the export of raw cashew nuts to support domestic cashew nut factories.
Faced with the above situation, the Vietnam Cashew Association (Vinacas) has sent a petition to the Government and relevant ministries to remove difficulties for the cashew industry, including influencing African countries to lift the ban on raw cashew exports.
To the Ministry of Agriculture and Rural Development, Vinacas recommends paying attention to developing cashew material areas and developing high-quality, high-yield cashew varieties. This will help cashew processors reduce their dependence on imported sources.
Source: https://danviet.vn/viet-nam-dang-la-nguon-cung-lon-nhat-va-kho-thay-the-mot-loai-hat-cho-my-trung-quoc-eu-20240710154846021.htm
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