Cashew exports, expected to regain growth momentum

According to statistics from the General Department of Customs, cashew nut exports in the first 8 months of 2024 reached 486,470 tons, equivalent to nearly 2.78 billion USD, with an average price of 5,706 USD/ton, up 22.9% in volume, up 21.8% in turnover but down 0.9% in price compared to the first 8 months of 2023.

In August 2024 alone, it is estimated to reach 64,560 tons, equivalent to 408.44 million USD, with an average price of 6,326 USD/ton, down 3.5% in volume, down 1% in turnover and up 2.6% in price compared to July 2024; and compared to August 2023, it increased by 6.2% in volume, up 21.9% in turnover and up 14.8% in price.

Cashew exports, expected to regain growth momentum. Photo: Vinacas

Cashew nuts are exported the most to the US market, accounting for nearly 28% of the total volume and total export turnover of this commodity group of the whole country, reaching 134,109 tons, equivalent to nearly 762.72 million USD, up 29.3% in volume and 28.9% in turnover over the same period in 2023. The export price to this market decreased by 0.3%, reaching an average of 5,687 USD/ton. In August 2024 alone, 20,099 tons of cashew nuts were exported to the US, equivalent to 128.27 million USD, priced at 6,382 USD/ton, down 3.9% in volume, down 0.9% in turnover but up 3.2% in price compared to July 2024; Compared to August 2023, it increased by 35.7% in volume, 60.6% in turnover and 18.4% in price.

Ranked second is the Chinese market with 82,863 tons of cashew nuts, earning 464.39 million USD, up 43.5% in volume and 28.9% in value over the same period; exported to the Netherlands market 44,839 tons, equivalent to 261.13 million USD, up 15.5% in volume and 14.9% in value; Germany 16,978 tons, equivalent to 94.97 million USD, up 23.6% in volume and 22.6% in value.

Vietnam currently holds the world's No. 1 position in cashew nut exports. With positive results in the first 8 months of 2024, the cashew industry is expecting a record turnover of 4 billion USD for the whole year of 2024.

The Vietnam Cashew Association believes that Vietnam's cashew exports will increase in the months of the fourth quarter of 2024 thanks to increased global demand. In particular, there are signs of recovery in US consumption demand and a sharp decrease in inventories, leading to increased imports.

The global cashew market is forecast to grow at an average rate of 4.6% during the period 2022-2027. The growing trend of preferring vegan and plant-based diets has increased the demand for nuts and nut-based foods, including cashews...

Experts recommend that businesses need to promote the production of deeply processed, high-quality cashew products, thereby reaching more demanding customers and selling at better prices.

Source: https://congthuong.vn/xuat-khau-dieu-ky-vong-lay-lai-da-tang-truong-345644.html