No other country exports as many processed cashew kernels as Vietnam. However, processors are dependent on high RCN imports, which are detrimental to domestic producers. EU imports have increased. Significant increase in export volume and value The Vietnamese cashew industry is booming like never before. According to the Ministry of Agriculture and Rural Development, the country exported as many processed cashew kernels in the first ten months of 2024 as in the whole of 2023. In total, exports in the period January-October 2024 totalled 613,500 mt worth USD 3.6 billion, which corresponds to an increase in volume of 18.7% and an increase in value of 22.1% compared to the same period last year. Vietnam thus maintains its leading global position. The average export value in this period was USD 5,867/mt, 2.9% higher than in 2023. According to the Vietnam Cashew Association (Vinacas), the most important export markets are the USA (27.7%), China (16.4%) and the Netherlands (9.4%). Vietnamese growers in trouble In order to be able to export such large quantities of cashew nuts, Vietnam is also dependent on high RCN imports. According to Vinacas, imports in October totalled 160,000 mt worth USD 243.5 million. The most important suppliers are Cambodia, Côte d'Ivoire and Ghana; these three countries account for 71.7% of Vietnam's imports. Overall, Vietnam has to import around 90% of its raw materials. Market players are caught in a vicious circle here, as the more favourable prices for imported goods make it difficult for Vietnamese growers to sell their raw materials; as a result, they often have to switch to other agricultural commodities, causing cashew cultivation to decline further. EU increases imports Vietnam remains by far the EU's most important supplier of cashew nuts. In the period from 1 January to 17 November 2024, the Southeast Asian country supplied a total of 114,617 mt to EU countries, 5.5% more than in the same period last year. Total EU imports in the same period totalled 160,308 mt, 8.4% more than last year. Côte d'Ivoire was the second most important supplier with 20,113 mt (+27.6%), followed by India (-3.7%) and Benin, which increased its exports to the EU by a whopping 159.9%. Only Tanzania recorded an even higher increase of 180.7%, while Burkina Faso, Brazil and Ghana suffered declines.