In the first 11 months of 2023, our country’s cashew exports are estimated to reach 582 thousand tons, worth 3.31 billion USD, up 23.1% in volume and 17.4% in value compared to the same period last year.The Import-Export Department (Ministry of Industry and Trade) cited data from the General Department of Customs as saying that it is estimated that Vietnam’s cashew nut exports in November 2023 will reach 65 thousand tons, worth 358 million USD, an increase of 1.1%. in volume and up 0.03% in value compared to October 2023, up 34.5% in volume and 30.7% in value compared to November 2022.
In the first 11 months of 2023, our country’s cashew exports are estimated to reach 582 thousand tons, worth 3.31 billion USD, up 23.1% in volume and 17.4% in value compared to the same period last year.
It is estimated that Vietnam’s average cashew export price in November 2023 will reach 5,512 USD/ton, down 12.6% compared to October 2023 and down 2.8% compared to November 2022.
Accumulated in the first 11 months of 2023, Vietnam’s average cashew export price reached 5,682 USD/ton, down 4.7% over the same period last year.
Regarding the type structure and information on the Communist Party’s BDT, Vietnam mainly exports cashew nuts (W320, W240, and W180), accounting for 63.51% of the total volume and 69.84% of the total export turnover of the country. Therefore, the export growth of the above types of cashew nuts has had a positive impact on the entire industry.
Regarding the market, the United States is the largest export market for Vietnamese cashew nuts in the first 10 months of the year. However, China is emerging as an active buyer.
Specifically, in October 2023, cashew exports to China reached 14,854 tons worth more than 88.7 million USD, up 69.4% in volume and 77% in turnover compared to the same period last year.
This output is the highest since the beginning of the year and makes China surpass the US, becoming the largest importer of Vietnamese cashew nuts in October.
Overall, in the first 10 months of the year, China spent more than 522.3 million USD to import 85,307 tons of cashew nuts, up 43.1% in volume and 47.2% in value over the same period last year. China accounts for 16.5% of output and 17.7% of turnover in the structure of Vietnam’s cashew import markets in the first 10 months of 2023.
According to the Industry and Trade newspaper, in the past, Chinese people often used nuts such as almonds, walnuts, etc., but the price of these nuts was much higher than cashew nuts. Vietnamese cashew nuts are nutritious, delicious, and nutritious. Therefore, cashew nuts gradually became popular and increased consumption in the Chinese market. Moving to this market, it reached 6,123 USD/ton, an increase of 2.8% over the same period.
Previously, due to the difficult situation both internally and in the export market, the Vietnam Cashew Association (VINACAS) proposed adjusting cashew export turnover in 2023 to 3.05 billion USD. Before this time, VINACAS also proposed to adjust the cashew export turnover target to reduce it from 3.8 billion USD according to the plan of the Ministry of Agriculture and Rural Development to 3.1 billion USD.
However, cyclical factors and increased import demand from the US and EU markets to serve consumption during year-end holidays have pushed Vietnam’s cashew export turnover in the last months of the year to increase. However, cashew exports for the whole year of 2023 still cannot regain the record mark (cashew exports once set a record in value in 2021 with 3.63 billion USD).
In addition to the results achieved, according to VINACAS, quality has now become a major problem in Vietnam’s cashew processing industry. Recently, the Vietnam Cashew Association received a written warning about quality from two associations in the United States. and Europe, along with a number of large customers. In particular, the warning indicators are live insects, pesticide residues, and strange impurities.
In addition, most cashew processing enterprises are not proactive in sourcing raw materials. The supply of raw cashew nuts only meets about 30% of the province’s processing capacity, while 70% of raw cashew nut materials depend on imported supplies from Indonesia, Cambodia, and Africa. The connection between businesses and farmers in the production-processing-business chain is not tight. Many cashew processing facilities are on a very small scale and have limited financial potential.
Talking to Dai Doan Ket newspaper, Mr. Bach Khanh Nhut, Vice Chairman of the Vietnam Cashew Association, said that to promote the development of the cashew industry, cashew businesses need to shift strongly to deep processing with diverse products. , meeting the different needs and tastes of the “final consumer”.
On the other hand, cashew processing enterprises need to focus on investing in developing raw material areas; Support and sign purchasing contracts with cashew growers to have an unstable source of raw materials. Thereby, reducing dependence on raw material supplies from abroad, improving the competitiveness of our country’s cashew processing exports.
In particular, Mr. Pham Van Cong, Chairman of the Vietnam Cashew Association, emphasized that up to now, maintaining the quality of exported cashew products is a vital factor for cashew production and trading enterprises. as well as Vietnam’s cashew industry because many previous advantages no longer exist due to competitive pressure from African countries that are becoming greater day by day.