Vietnam’s cashew exports are at a record high

Accumulated in the first 10 months of 2023, Vietnam exported 516,900 tons of cashew nuts, export value reached 2.95 billion USD, an increase of 21.8% in volume and an increase of 15.9% in value compared to the same period in 2022. .

According to the General Department of Customs, in October 2023, Vietnam’s cashew kernel exports recorded a new record high of 64,320 tons, worth 358.18 million USD. Increase 13.3% in volume and 15.5% in value compared to September 2023; increased 47.7% in volume and 37.1% in value compared to the same period last year.

In October 2023, Vietnam’s cashew kernel exports recorded a record high of 64,320 tons, worth 358.18 million USD.In the first 10 months of 2023, Vietnam exported 516,900 tons of cashew nuts, worth 2.95 billion USD, up 21.8% in volume and 15.9% in value compared to the same period in 2022.

Vietnam’s average export price of cashew kernels in October 2023 reached 5,569 USD/ton (up 2% compared to September 2023, but down 7.2% compared to October 2022). In the first 10 months of 2023, the average export price will reach 5,703 USD/ton (down 4.8% over the same period in 2022).

The Vietnam Cashew Association informed that among the top markets importing cashew nuts from Vietnam in the past 10 months, except for Australia, which recorded a slight decrease, the remaining markets, such as the US, China, the Netherlands, and Saudi Arabia, Saudi Arabia, Canada, etc. all have positive growth.

Among them, the US and China are the two customers who spend the most money to buy Vietnamese cashew nuts, accounting for 42.6% of this industry’s export turnover in the first 10 months of 2023. Specifically, exports to the US reached 733 million USD (up 4.7% over the same period in 2022); exports to China reached 522.3 million USD (up 46.6% over the same period in 2022).

Next, exports to the Netherlands reached 295 million USD, an increase of 19.8%; to Germany, they reached 99 million USD, an increase of 8.4%; to Thailand, they increased by 10.2%; to Saudi Arabia, they increased by 36.1%; and to Canada, the United Arab Emirates, and the UK, they increased by 9.3%, 59.9%, and 7.3%, respectively.

The Vietnam Cashew Association predicts that it is likely that by 2023 the cashew industry will reach the export target of 3.1 billion USD or even exceed this number. Because, according to cyclical factors, Vietnam’s cashew export activities will be vibrant in the last months of the year. Demand for cashew nuts for the holidays will increase sharply.

Source: Banking Times