Vietnam’s Cashew Industry Dominates U.S. Market, Earning $3.6 Billion

Vietnam’s cashew industry has solidified its position as a powerhouse in the U.S. market, capturing nearly 89.4% of the country’s total cashew imports. This success has led to substantial revenue for the Vietnamese economy, with nearly $3.6 billion in export earnings over the first ten months of this year alone.

Key Highlights in Cashew Exports to the U.S.

The United States is Vietnam’s largest cashew customer, importing over 150,400 tons from January to September 2024, which generated $871.3 million. This marks a significant increase of nearly 30% in volume and 32.8% in value compared to the same period last year. In total, the U.S. market accounted for 27.7% of Vietnam’s cashew export value in the first nine months of 2024, which is 2.4 percentage points higher than the previous year.

U.S. Market Data and Vietnam’s Dominance

According to the U.S. International Trade Commission, between January and August 2024, the U.S. spent $554.2 million on approximately 101,300 tons of Vietnamese cashews. This reflects an increase of 21.4% in quantity and 16% in value from the previous year. Vietnamese cashews now account for an impressive 89.4% of all cashew imports in the U.S., showcasing Vietnam’s unmatched competitive edge in this sector.

Optimistic Outlook for the Cashew Industry

Industry experts anticipate that Vietnamese cashew exports will continue to grow in the final months of the year, driven by seasonal demand and increasing export prices. As a result, Vietnam’s cashew industry is on track to reach an unprecedented export milestone of $4 billion in 2024, marking a historic achievement for the sector.

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