According to the General Department of Customs, Vietnam's cashew nut export turnover increased by 18.7% over the same period last year, reaching 1.94 billion USD in the first 6 months of 2024.
Among 33 cashew nut export markets, the United States is the largest export market with 93,105 tons, up 24% over the same period last year and accounting for 26% of Vietnam's total cashew nut exports.
In addition to the United States, Vietnam's cashew import markets of over 10,000 tons also include China with 65,837 tons, up 63% over the same period last year; the Netherlands with 29,981 tons, up 13% over the same period last year; Germany with 11,814 tons, up 40% over the same period last year and the UAE with 10,161 tons, up 37% over the same period last year.
In ASEAN, Vietnam exported 1,723 tons of cashew nuts to the Philippines, up 9% year-on-year; to Singapore with 563 tons, up 4% year-on-year; and to Thailand with 4,705 tons, up 2% year-on-year.
In terms of turnover, the three markets with the largest cashew nut export turnover in the first half of 2024 were the United States with 505 million USD, up 16% over the same period last year; China with 362 million USD, up 39% over the same period last year; and the Netherlands with 168 million USD, up 7% over the same period last year. The total value of cashew nuts exported to these three markets reached 1.03 billion USD, accounting for 53% of Vietnam's export turnover of this item.
Regarding price, according to the General Department of Customs, cashew nuts exported to Hong Kong (China) market have the highest price at 7,986 USD/ton, followed by Israel with 7,007 USD/ton. These are two of 33 cashew nut export markets of Vietnam with prices reaching over 7,000 USD/ton.
With the current growth rate, the Import-Export Department expects that cashew nut export turnover in 2024 will regain the record of 2021 and aim for a new record of 3.8 billion USD.
Vietnam's cashew nut exports hit a record high in value in 2021, reaching $3.63 billion. However, the growth was broken when in 2022, cashew nut exports decreased by 10.3% in volume and 15.1% in value, reaching 519,782 tons and $3.08 billion. In 2023, cashew nut export turnover increased again by 18% compared to 2022, reaching $3.6 billion.
Vietnam still maintains the world's number one position in cashew nut exports, accounting for more than 75% of cashew nuts exported globally and is a country that masters processing technology.
To promote sustainable development in the cashew industry, the Steering Committee for Agricultural Product Market Development of the Ministry of Agriculture and Rural Development recommends that cashew businesses invest in developing raw material source areas. This can be done through supporting and signing purchasing contracts with cashew growers, to ensure a stable source of raw materials and reduce dependence on imported cashew nuts, thereby enhancing the competitiveness of Vietnam's cashew nut exports.
In addition, it is necessary to strengthen linkages and resource connections, in order to strongly transform into deep processing activities with diverse products, meeting the different needs and tastes of consumers in consumption markets.