In November 2023, cashew nut exports earned 3.31 billion USD

Vietnam's cashew nut exports in October 2023 hit a new record. Name 6 agricultural, forestry and fishery export products exceeding 3 billion USD in 11 months of 2023

The General Department of Import and Export ( Ministry of Industry and Trade ) cited data from the General Department of Customs as saying that it is estimated that Vietnam's cashew nut exports in November 2023 will reach 65 thousand tons, worth 358 million USD, up 1.1% in volume and 0.03% in value compared to October 2023, and up 34.5% in volume and 30.7% in value compared to November 2022.

In the first 11 months of 2023, our country's cashew nut exports are estimated at 582 thousand tons, worth 3.31 billion USD, up 23.1% in volume and 17.4% in value over the same period last year.

It is estimated that the average export price of Vietnam's cashew nuts in November 2023 will reach 5,512 USD/ton, down 12.6% compared to October 2023 and down 2.8% compared to November 2022.

In the first 11 months of 2023, the average export price of Vietnam's cashew nuts reached 5,682 USD/ton, down 4.7% over the same period last year.

In terms of variety structure, Vietnam mainly exports cashew nuts W320, W240, W180, accounting for 63.51% of the total volume and 69.84% of the total export turnover of the country. Therefore, the export growth of the above cashew nuts has had a positive impact on the whole industry.

In terms of markets, the United States was Vietnam's largest cashew export market in the first 10 months of the year. However, China is emerging as an active buyer.

Specifically, in October 2023, cashew nut exports to China reached 14,854 tons with a value of more than 88.7 million USD, up 69.4% in volume and 77% in turnover over the same period last year. This output is the highest since the beginning of the year and helped China surpass the US, becoming the largest importer of Vietnamese cashew nuts in October.

In the first 10 months of the year, China spent more than 522.3 million USD to import 85,307 tons of cashew nuts, up 43.1% in volume and 47.2% in value over the same period last year. China accounted for 16.5% in output and 17.7% in turnover in the structure of Vietnam's cashew nut import markets in the first 10 months of 2023. The average export price to this market reached 6,123 USD/ton, up 2.8% over the same period.

In the past, Chinese people often used nuts such as almonds, walnuts... but the price of these nuts was much higher than cashews. Vietnamese cashews are rich in nutrients, delicious and fatty. Therefore, cashews have gradually become popular and increased in consumption in the Chinese market to be included in dishes.

Previously, due to the difficult situation both internally and in the export market, the Vietnam Cashew Association (VINACAS) proposed to adjust the cashew export turnover in 2023 to 3.05 billion USD. Before this time, VINACAS also proposed to adjust the cashew export turnover target from 3.8 billion USD according to the plan of the Ministry of Agriculture and Rural Development to 3.1 billion USD.

Cyclical factors and increased import demand from the US and EU markets to serve year-end holiday consumption have pushed up Vietnam's cashew nut export turnover in the last months of the year. However, cashew nut exports for the whole year of 2023 will still not be able to regain the record level.

In addition to the results achieved, according to VINACAS, quality has become a major issue for the Vietnamese cashew processing industry when recently, the Vietnam Cashew Association received warnings about quality from two associations in the United States and Europe, along with a number of major customers. Among them, the warned indicators are live worms, pesticide residues and foreign impurities...

According to industry experts, with the current technological developments, Vietnamese cashew nuts are competing with other countries, especially those with strengths in raw cashew materials such as Ivory Coast. Therefore, the cashew industry needs to focus on processing quality and diversify processed cashew products to increase competitive advantage.

Mr. Pham Van Cong - Chairman of the Vietnam Cashew Association - emphasized that, up to now, maintaining the quality of exported cashew products is a vital factor for cashew production and trading enterprises as well as the Vietnamese cashew industry, because many previous advantages no longer exist due to the increasing competitive pressure from African countries.

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