In 2023, cashew exports will reach 3.64 billion USD, up 24% in volume and 18% in value compared to 2022, which is also the highest result in many years.
 |
| Cashew export forecast in 2024 still has a lot of room for export growth. |
According to data from the General Department of Customs, cashew exports in December 2023 reached 63 thousand tons, equivalent to 343 million USD, not much fluctuation compared to the previous month.
In 2023, cashew exports to some major markets such as the United States, China, and the Netherlands recorded positive growth. Specifically, cashew exports to the United States reached 885 million USD, up 5% compared to 2022 and accounting for nearly 25% of the total export turnover of this item.
According to Mr. Tran Huu Hau - Deputy General Secretary of the Vietnam Cashew Association (Vinacas), the Vietnamese cashew industry has established a foothold in the United States for many years, and the demand in this market is quite stable. In particular, the Vietnamese cashew industry has high expectations after US President Joe Biden's visit to Vietnam in September 2023.
After Vietnam and the United States upgrade diplomatic relations, Vinacas hopes that cashew businesses can access modern US technology and production lines, thereby focusing on processing and exporting high value-added products, instead of cashew nuts as at present.
Cashew exports to China also recorded a breakthrough after the country lifted Covid-19 prevention measures, with turnover reaching 683 million USD, up 55% compared to 2022 and accounting for 19% of total cashew export turnover.
Cashew exports to the Netherlands - the gateway to the EU market, in 2023 reached 353 million USD, an increase of 19% compared to 2022 and accounting for 10% of total cashew export turnover.
In 2023, cashew exports will reach the target of 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%. This is also the highest result in many years.
According to the Import-Export Department (Ministry of Industry and Trade), the Vietnamese cashew industry has exploited traditional and potential markets well. It is forecasted that cashew exports in 2024 will still have a lot of room for export growth.
Previously, in early 2023, the Ministry of Agriculture and Rural Development assigned the cashew industry an export turnover target of 3.8 billion USD, however, due to the difficult market situation in the first half of 2023, the cashew industry requested to lower it to 3.05 billion USD.
Source link
Comment (0)