By the end of October 2024, the entire Vietnamese cashew industry had exported 650,400 tons of cashew nuts of all kinds with an export turnover of 3.83 billion USD, up 25.52% in volume and 32.28% in value over the same period in 2023. The average export price reached 5,853 USD/ton, up slightly by 4.48% over the same period. This achievement has helped the cashew industry complete early and exceed the annual cashew nut export plan (650,000 tons, 3.7 billion USD), reaching 103.6% in volume and 102.82% in value in just 10 months. In October 2024 alone, Vietnam exported 69.3 thousand tons of cashew nuts of all kinds with an export turnover of 454.12 million USD, up 8.19% in volume and about 30% in value over the same period last year. In October, the top 5 largest export markets of Vietnam included: 1. The United States: continued to lead with 11.5 thousand tons (accounting for 16.57% of market share), worth 76.25 million USD. 2. China: Ranked second, importing 9.7 thousand tons (14.05%), worth 60.88 million USD. 3. UAE: with 6.5 thousand tons, worth 45 million USD (9.32%). 4. Singapore: imported nearly 6 thousand tons, worth 42.6 million USD (8.54%). 5. United Kingdom: with 3.5 thousand tons, worth 20.2 million USD (5.05%) Other major markets such as EU, Canada, Australia, etc. all recorded good growth. General comments In recent months, we have seen stable demand in traditional markets such as the US, EU, and China. The US and China continue to be the two main markets, accounting for nearly 31% of the market share, thanks to high consumption demand at the end of the year and traditional festivals. Although the EU is facing inflation in some member countries, it still recorded growth thanks to its promotion strategy and product quality. The UAE and Saudi Arabia recorded stable growth, especially in the high-end segment thanks to the growing consumer demand and gift market. Singapore has grown steadily, playing the role of a transit market and cashew re-export center in the ASEAN region. Although the price of raw materials (raw cashew nuts in shell) continues to increase, Vietnamese enterprises have improved their management, processing, and packaging capacity, contributing to increasing export value. Will Vietnam continue to maintain its position as the world's number 1 cashew nut exporter for the 18th consecutive year? Vietnam has successfully completed its 2024 export plan after only 10 months. With the current growth momentum, the Vietnamese cashew industry is expected to continue to set new records in the last 2 months of the year. Some experts say the cashew industry believes that the cashew industry will achieve a record and impressive export figure this year of over 4.5 billion USD. This continues to affirm Vietnam's leading position in the global cashew industry and also poses many challenges for the following year when the supply of raw materials from Africa may recover, causing pressure to reduce prices. In addition, increasingly strict import standards in the EU, the US, China, etc. require businesses to further improve quality, etc. What is the goal for the following year? If by the end of 2024, the entire industry achieves a record and impressive export figure of over 4 billion USD, the Ministry of Agriculture and Rural Development will give a new plan figure and from there, VINACAS can build 2 scenarios for 2025 with specific strategic proposals, we will also wait at the VINACAS Year-end Summary Conference. Editor. Source: VINACAS Office (compiled from domestic and foreign press)