Vietnam’s Cashew Exports See Strong Growth in the First 7 Months of 2024

Vietnam’s cashew export industry experienced remarkable growth in the first seven months of 2024, according to recent data from the General Department of Vietnam Customs. With export volumes reaching 421,560 tons and a total value of 2.37 billion USD, the industry saw a significant increase of 25.85% in volume and 21.64% in value compared to the same period in 2023. Despite a slight drop in the average price per ton, Vietnam’s cashew industry continues to expand its footprint in key markets like the U.S., China, and Europe, positioning itself as a major global player in the sector.

According to data from the General Department of Vietnam Customs, Vietnam’s cashew exports achieved impressive results in the first seven months of 2024. The total export volume reached 421,560 tons, equivalent to 2.37 billion USD. Compared to the same period in 2023, export volume increased by 25.85%, while the value rose by 21.64%, showcasing significant growth in Vietnam’s cashew industry on the global market. However, the average price of cashews saw a slight decline of 3.3%, dropping to 5,611.3 USD/ton.

Major Export Markets

Below are the key markets for Vietnam’s cashew exports during the first seven months of 2024:

United States
The U.S. remains the largest importer of Vietnamese cashews, with 114,047 tons valued at 634.77 million USD. Compared to the same period in 2023, export volume increased by 28.3%, and the value rose by 24%, accounting for 27.05% of total export volume and 26.83% of export value.
China (Mainland)
Exports to China reached 74,585 tons, valued at 317.97 million USD. This market saw the highest growth in both volume (58.13%) and value (37.97%) compared to last year, contributing 17.69% of total export volume and 17.31% of export value.
Netherlands
The Netherlands ranked third, importing 37,899 tons of Vietnamese cashews valued at 217.28 million USD. This marked a 15.68% increase in volume and a 12.76% rise in value compared to the previous year. The Netherlands accounted for 8.99% of total export volume and 9.19% of export value.
Germany
Germany imported 14,196 tons worth 77.88 million USD. Exports to Germany increased by 30.79% in volume and 26.78% in value.
United Arab Emirates (U.A.E.)
Exports to the U.A.E. amounted to 12,109 tons, valued at 71.51 million USD, with an impressive growth of 45.1% in volume and 50.64% in value. The U.A.E. represented 2.87% of total export volume and 3.02% of export value.

Other Potential Markets

In addition to these key markets, Vietnam’s cashew exports also recorded notable growth in several other markets, including:

Canada: a 20.37% increase in volume and a 15.29% rise in value.
Saudi Arabia: a 4.03% rise in volume and a 7.5% growth in value.
Spain: a significant 34.22% increase in volume and a 38.38% rise in value.

Challenges and Prospects

While both export volume and value have increased, the slight decrease in the average price of cashews highlights some challenges for Vietnam’s cashew industry, particularly in terms of price competition and production costs. However, with strong growth in key markets, Vietnam’s cashew exports are expected to maintain their momentum in the remaining months of 2024.

Future Trends and Outlook for the Cashew Industry

Future Export Trends

Vietnam’s cashew industry is currently experiencing robust growth and significant expansion into key markets. However, to sustain this momentum and achieve sustainable development, the industry must focus on emerging trends and future opportunities. Here are some key predictions and trends that could impact the cashew sector in the coming years:

Exploring New Markets

With the rising demand for healthy and nutritious foods, new markets such as the Middle East, Eastern Europe, and South America could become important destinations for cashew exports. In particular, the demand for cashews in processed products and nutritional foods is increasing, presenting new opportunities for market penetration and expansion.

Transition to Sustainable Production

Global trends towards environmental protection and sustainable development will have a significant impact on the cashew industry. Businesses need to prioritize the adoption of green technologies in production and processing, as well as improve supply chain processes to minimize environmental impact. Embracing sustainability will not only meet regulatory requirements but also appeal to environmentally-conscious consumers.

Increased Investment in Technology

Technology and innovation are key to enhancing productivity and product quality. Investing in advanced processing technologies and automation systems can boost competitiveness and better meet global market demands. By integrating cutting-edge technology, the cashew industry can achieve higher efficiency and product consistency.

Changes in Raw Material Supply

Export policies from major raw material-supplying countries, such as those in West Africa, may influence the availability and pricing of cashew nuts. The industry needs to prepare for potential fluctuations in supply and explore alternative sourcing solutions to ensure production stability. Developing strategic partnerships and diversifying sources will help mitigate risks associated with raw material supply.

Development of Processed Products

Beyond exporting raw cashews, focusing on the development of processed products, such as cashew butter and functional foods, presents new growth opportunities. Investing in research and development of value-added products can enhance profit margins and market appeal. The industry should explore and innovate in the processed product segment to capture additional value and diversify its offerings.

Future Outlook

Vietnam’s cashew industry is expected to continue expanding in the coming years, driven by increasing global demand and efforts by businesses to improve product quality and production processes. However, the industry will face challenges such as raw material price volatility, competitive pressures, and growing environmental regulations.

By leveraging new trends and opportunities while proactively addressing challenges, Vietnam’s cashew industry can maintain its leading position in the global market and achieve sustainable growth in the future.

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

Xem thêm: