| Raw cashew nut imports from Cambodia skyrocket, is it unusual? Which markets does Vietnam import the most cashew nuts from? |
According to statistics from the General Department of Customs, in February 2024, Vietnam's cashew nut imports reached nearly 133.6 thousand tons, equivalent to 172.2 million USD, up 44.3% in volume and 64.2% in value compared to January 2024.
In the first two months of 2024, Vietnam's cashew nut imports reached more than 225.6 thousand tons, worth nearly 276.6 million USD, down 17.5% in volume and 23.5% in value compared to the same period last year. The average import price of cashew nuts in Vietnam reached 1,226 USD/ton, down 7.4% compared to the same period in 2023.
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| Vietnam's cashew nut imports slightly decreased in the first two months of the year. |
In terms of markets, our country imports large quantities of cashew nuts from markets such as Cambodia, Ivory Coast, Ghana, etc. Of which, imports from Indonesia unexpectedly recorded the strongest increase in the first 2 months of 2024.
Specifically, in February 2024, cashew imports from Indonesia reached nearly 2,555 tons, equivalent to 2.87 million USD, an increase of 486% in volume and 452% in value compared to February 2023. In the first 2 months, imports of this agricultural product from the Indonesian market reached nearly 9,122 tons, worth nearly 10.5 million USD, an increase of 218% in volume and 205.3% in value compared to the same period last year.
The average import price in the first two months reached 1,147 USD/ton, down nearly 4% compared to the same period in 2023. Despite the strongest growth, Indonesia accounted for the lowest proportion of all cashew suppliers to Vietnam in the first two months of the year.
On the other hand, Vietnam exported 91,729 tons of cashew nuts, equivalent to 493.2 million USD in the first two months of the year, up 48.9% in volume and 39.2% in value over the same period.
Vietnam has been the world's leading cashew exporter for 16 consecutive years and accounts for nearly 80% of the total global output. In 2023, cashew nut exports will reach 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 has exceeded the plan of 3.05 billion USD by 18%, which is also the highest result in many years.
Currently, Vietnam's cashew growing area is only about 300,000 hectares, providing about 30% of raw materials for the processing needs of businesses, so factories and businesses still have to import a large amount of cashew nuts from other countries for processing.
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