AsemconnectVietnam - In the first 7 months of this year, Vietnam’s cashew exports reached 334,870 tonnes, bringing in more than 1.94 billion USD, up by 13.3% in volume and by 9.7% in value over the same period of 2022.

According to the preliminary statistics figures of the General Department of Customs, in July of 2022, Vietnam's cashew exports reached 54,675 tonnes, worth of more than 304.3 million USD, down by 7.5% in volume and down by 10.2% in turnover compared to June of 2023.
Generally in the first 7 months of the year, the country’s cashew nut exports reached 334,870 tonnes, bringing in more than 1.94 billion USD, up by 13.3% in volume and 9.7% in value over the same period of 2022. The average imports of cashew nuts in the first 7 months of the year reached 5,805 USD/tonne, down by 3% over the same period last year.
Cashew nut was one of the agricultural products with export value of over 1 billion USD after the first 7 months of the year.
In terms of market, the US was the largest import market of Vietnam's cashew nuts. Specifically, cashew nut exports to the US in July reached 14,385 tonnes with a turnover of more than 79.5 million USD, down by 12.2% in volume and by 15% in value compared to June of 2023. Generally in the first 7 months of the year, cashew nut exports to the US reached 88,903 tonnes with a value of more than 512 million USD, up by 0.7% in volume and by 0.32% in value over the same period of 2022.
According to the Import-Export Department under the Ministry of Industry and Trade, in the first months of 2023, the economy weakened, inflation increased, the conflict between Russia and Ukraine showed no sign of cooling down, causing most of the world's major economies to reduce their imports of cashew nuts. This negatively affects the global cashew industry in general, including Vietnam.
It is forecasted that in the short term, the world cashew industry will still be negatively affected when the demand for cashew nuts used as snacks or for cooking and desserts decreases due to increased consumer inflation. In the long term, when inflation is controlled and the world economy recovers, the demand for cashew nut consumption will increase again.
According to Reuters, global cashew nut consumption demand reached 9.94 billion USD in 2018 and is expected to reach 13.48 billion USD in 2024, with an average growth rate of 5.2% in the 2018-2024 period. The expectation is based on growing market demand for healthy snacks, including growing demand from the European Union, USA, China, and the rise of large processing facilities in Africa.
For Vietnam's cashew exports, it is forecasted that in the third quarter of 2023, Vietnam's cashew exports will increase thanks to the cyclical factor and the increased demand for imports from the US and EU. Currently, domestic factories have signed many new orders and the demand for this item has begun to increase again. Production activities took place actively, many units had to increase processing capacity to keep up with signed orders for the last 2 quarters of the year. Improving quality, diversifying products and making good use of opportunities from the market will help Vietnam's cashew industry continue to grow and break through.
Investment in deep processing and product diversification is an advantage for Vietnam's cashew nuts to easily compete for export. Typically, Hanfimex Group Joint Stock Company has always been able to sign export orders to fastidious markets thanks to its many delicious and high-quality products. This is also the direction that businesses need to move towards.
CK
Source: VITIC/congthuong.vn