In June 2024, the Vietnamese cashew market witnessed robust growth in both exports and prices, highlighting the substantial potential of this sector amid global economic fluctuations.

Explosive Export Growth

Raw Cashew Exports

In June 2024, the export volume of raw cashew nuts surged by 94.38% compared to the same period last year, reaching 51,307 tons. The export value also saw a remarkable increase of 194.38%, totaling 276.21 million USD. This significant growth indicates a strong performance of the Vietnamese cashew industry on the international market.

Cashew Nut Exports

The export volume of cashew nuts is expected to reach 645,316 tons, an increase of 24.33% compared to 2022, setting a new record in the history of Vietnamese cashew exports. The export turnover of cashew nuts also rose by 18%, reaching 3.6 billion USD. This growth reflects the high demand for Vietnamese cashew nuts globally.

Price Fluctuations

Raw Cashew Prices

The price of raw cashew nuts has been decreasing in recent days, falling below 40,000 VND/kg. This decline is primarily due to reduced demand for cashew nuts on the global market. Despite the price drop, the significant increase in export volume has led to positive results for the Vietnamese cashew industry.

Cashew Nut Prices

The average price of cashew nuts in June 2024 was 8.20 USD/kg, showing a slight decrease compared to May 2024. Although prices are fluctuating, the higher export value has offset this decrease.

Export Markets

United States

The United States remains the largest export market for Vietnamese cashew nuts, accounting for 21.91% of total exports in June 2024. The stability and high demand from this market play a crucial role in the growth of the Vietnamese cashew industry.

China

China is the second-largest export market for cashew nuts, representing 14.89% of total exports. The strong economic growth and increased consumer demand in China have created favorable conditions for Vietnamese cashew exports.

EU and Other Markets

The European Union and other markets collectively account for 17.46% of total exports. Diversifying markets helps reduce the industry’s reliance on a single market, thereby minimizing business risks.

India

India is the fourth-largest export market for cashew nuts, making up 13.12% of total exports. The export price of cashew nuts to India stands at 5,564 USD/ton, indicating stable demand and significant potential in this market.

Market Forecast

Global demand for cashew nuts is expected to continue rising in the coming years, creating favorable conditions for Vietnamese cashew exports. However, prices may continue to fluctuate in the short term due to factors such as raw material costs, exchange rates, and health-related issues. The Vietnamese cashew industry needs to enhance production, improve product quality, and diversify export markets to maintain growth momentum.

The Vietnamese cashew market in June 2024 demonstrates substantial potential with strong export and price growth. However, the industry must implement appropriate measures to cope with market fluctuations and sustain its leading position in global cashew nut exports.

Additional Important Information

The Vietnam Cashew Association has requested the General Department of Customs to support businesses in finding new export markets, improving the quality of exported cashew nuts, and meeting the food safety requirements of export markets. The price of IVC raw cashew nuts (49 lbs) traded domestically was 46,000 VND/kg at the beginning of June, the highest price ever recorded. However, prices dropped significantly in mid-June to below 40,000 VND/kg. VINACAS and the General Department of Customs have agreed to continue close cooperation to address issues faced by the Vietnamese cashew industry and promote sustainable growth in cashew exports.

With the right strategies, the Vietnamese cashew industry is poised for continued strong performance and global recognition.

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If you want high-quality, healthy cashew nuts, come to CPT Corp. We are committed to providing the best products to meet your needs.

Contact Information:

HCM office Address: 191/6B Le Van Viet Street, Tang Nhon Phu A Ward, Thu Duc City, Ho Chi Minh City, Viet Nam

Factory Address: Nguyen Thai Hoc Street, Phuoc Tan Hamlet, Binh Tan Commune, Phu Rieng District, Binh Phuoc Province, Vietnam

Email: sales@cptcorp.vn

Website: cptcorp.vn