AsemconnectVietnam - Cashew nut exports in the first 8 months of 2024 reached 486,470 tonnes, equivalent to nearly 2.78 billion USD, up 22.9% in volume, up 21.8% in turnover but down in price compared to the same period.

According to statistics from General Department of Customs, cashew nut exports in the first 8 months of 2024 reached 486,470 tonnes, equivalent to nearly 2.78 billion USD, with an average price of 5,706 USD/tonne, 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 tonnes, equivalent to 408.44 million USD, with an average price of 6,326 USD/tonne, 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 nuts are exported the most to US market, accounting for nearly 28% of total volume and total export turnover of this commodity group of the whole country, reaching 134,109 tonnes, equivalent to nearly 762.72 million USD, up 29.3% in volume and 28.9% in turnover over the same period in 2023. Export price to this market decreased by 0.3%, reaching an average of 5,687 USD/tonne. In August 2024 alone, 20,099 tonnes of cashew nuts were exported to the US, equivalent to 128.27 million USD, priced at 6,382 USD/tonne, 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. The second place is Chinese market with 82,863 tonnes of cashew nuts, earning 464.39 million USD, up 43.5% in volume and 28.9% in value over the same period; exports to the Netherlands market reached 44,839 tonnes, equivalent to 261.13 million USD, up 15.5% in volume and 14.9% in value; Germany 16,978 tonnes, 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, cashew industry is expecting a record turnover of 4 billion USD for the whole year of 2024.
Vietnam Cashew Association believes that Vietnam's cashew exports will increase in months of the fourth quarter of 2024 thanks to increased global demand. In particular, demand for consumption in the US shows signs of recovery and a sharp decrease in inventories will lead to increased imports.
According to forecasts, global cashew market will grow by an average of 4.6% in the period 2022-2027. Trend of favoring vegan and plant-based diets has increased the demand for nuts and processed foods from nuts, including cashews.
Experts recommend that businesses need to promote production of deeply processed, high-quality cashew products, thereby reaching more demanding customers and selling at better prices.

Source: Vitic/ congthuong.vn