May
The Ministry of Industry and Trade forecasts that cashew exports in 2024 will still have much room for growth. However, the cashew industry is also facing the problems of raw materials, production costs, and the wave of shifting to green production. Therefore, businesses need to proactively monitor market developments and invest in improving quality to maintain export momentum.
In the first quarter of 2024, Vietnam’s cashew exports reached about 147 thousand tons, worth 782 million USD, up 31.8% in volume and 20.5% in value compared to the same period in 2023.
Exports increased dramatically.
Currently, Vietnam holds the number one position in the world in cashew exports, accounting for 80% of total global output for 16 consecutive years.
The Import-Export Department (Ministry of Industry and Trade) cited statistics from the General Department of Customs as saying that in March 2024, Vietnam’s cashew exports reached 55 thousand tons, worth 289 million USD, an increase of 106.8%. in volume and an increase of 103.4% in value compared to February 2024, an increase of 10.7% in volume compared to March 2023, but a decrease of 2.2% in value.
According to estimates, Vietnam’s average cashew export price will reach 5,248 USD/ton in March 2024, down 1.7% compared to February 2024 and down 11.6% compared to March 2023.
Vietnam has held the number one position in the world in cashew exports, accounting for 80% of total global output for 16 consecutive years.
In the first quarter of 2024, Vietnam’s average cashew export price is estimated to reach 5,329 USD/ton, down 8.6% compared to the same period in 2023.
Regarding type structure, in the first 2 months of 2024, Vietnam increased exports of most cashew types compared to the same period last year, except for WS/WB, SP, and DW cashews.
According to preliminary statistics from the General Department of Customs, in the first 2 months of 2024, Vietnam mainly exported cashew nuts (W320 and W240), accounting for 56.71% of the total amount of cashew nuts exported. Therefore, growth in W320 and W240 cashew exports has a positive impact on industry performance.
The main export markets of Vietnamese cashew nuts are the United States, China, and the Netherlands, all of which are recording high growth. Notably, the Chinese market’s output and export turnover in January 2024 increased by over 600% compared to the same period in 2023.
“The spike in exports in the first quarter of 2024 is a positive signal for future growth potential. Maintaining and developing exports will continue to be a top priority, contributing to the sustainable development of the economy,” an expert commented.
There is still much work to be done.
As a leading export enterprise in Vietnam’s cashew industry, Mr. Vu Thai Son, Chairman of the Board of Directors of Long Son Joint Stock Company, commented that the cashew consumption situation in 2024 will be brighter than in 2023. In particular, demand for deeply processed cashew nuts is continuing to increase, and free trade agreements (FTAs) are also promoting Vietnam to export this product.
Agreeing with this opinion, experts say that, along with promoting investment and production of deeply processed cashew products and high-quality cashew nuts, we have been able to reach many demanding customers. Selling at a better price than the average price, the business is also actively implementing green transformation, social responsibility, etc.
However, Mr. Tran Cong Khanh, Cashew Research and Development Center, said that the challenges facing Vietnamese cashew nuts today are that the processed products are not diverse, mainly in raw form, so the value is increased. Growth is still low, and the and the competitiveness of some products is still poor.
To take advantage of the opportunities of the cashew industry, experts say that it is necessary to increase trade promotion, support businesses processing and trading cashew products to promote e-commerce applications, and promote the export of goods. Online marketing is an important channel for promoting and helping the Binh Phuoc cashew industry easily access the world market.
In addition, the FTA has a positive impact on the export of deeply processed cashew nuts because previously, governments imposed import taxes on these products to protect domestic production. But in the FTAs that Vietnam has signed, deeply processed cashew nuts imported from Vietnam have had their tax reduced to 0%.
Besides, it is necessary to improve the value-added chain in the cashew processing industry, especially deeply processed products; proactively minimize exports in the form of unofficial quotas, moving towards implementing official exports under contracts to the Chinese market; Restructure export markets towards market diversification, not depending on any one market; Take full advantage of signed and effective FTAs; support and create favorable conditions for businesses to access world markets.
In addition, attention needs to be paid from selecting varieties, planting, caring for, harvesting, and preserving to investing in and managing advanced processing lines. Invest in market research, discover, and stimulate demand, thereby processing products that meet customer needs and tastes; At the same time, there are dynamic and creative promotion methods to bring products to domestic and global consumers.
In addition, attention needs to be paid from selecting varieties, planting, caring for, harvesting, and preserving to investing in and managing advanced processing lines. Invest in market research, discover, and stimulate demand, thereby processing products that meet customer needs and tastes; At the same time, there are dynamic and creative promotion methods to bring products to domestic and global consumers.Regarding policy, the state needs to take measures to protect the domestic cashew processing industry by enacting clearer regulations on the import and preliminary processing of cashew kernels.
Source: VNBusiness
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