Cashew exports are forecast to grow strongly in the coming months
21 August 2023
In the first 7 months of the year, cashew exports reached 334,870 tons, bringing in more than 1.94 billion USD, up 13.3% in volume and 9.7% in value over the same period in 2022.
According to preliminary statistics of the General Department of Vietnam Customs, in July 2022, Vietnam’s cashew exports reached 54,675 tons. Generally, in the first 7 months of the year, cashew nut exports reached 334,870 tons, bringing in more than 1.94 billion USD, up 13.3% in volume and 9.7% in value over the same period in 2022. The average export price in the first 7 months of the year reached 5,805 USD / ton, down 3% over the same period last year.
Cashew nuts are one of the agricultural products with an export value of over 1 billion USD after the first 7 months of the year.
In terms of market, the US is the largest import market of Vietnamese cashew nuts. Specifically, in July, cashew exports to the US reached 14,385 tons with a turnover of more than 79.5 million USD, down 12.2% in volume and 15% in value compared to June 2023.
Cashew nuts are one of the agricultural products with an export value of over 1 billion USD after the first 7 months of the year.
In terms of market, the US is the largest import market of Vietnamese cashew nuts. Specifically, in July, cashew exports to the US reached 14,385 tons with a turnover of more than 79.5 million USD, down 12.2% in volume and 15% in value compared to June 2023.
According to the Import-Export Department – Ministry of Industry and Trade, in the first months of 2023, the economy weakens, inflation increases, and the conflict between Russia and Ukraine shows no signs of cooling down, causing most major economies in the world to reduce cashew imports. This negatively affects the global cashew industry in general, including Vietnam.
It is forecasted that in the short term, the world cashew industry will still be negatively affected when demand for cashews used as snacks or used for cooking and desserts decreases due to rising consumer inflation. In the long term, when inflation is controlled, the world economy recovers, the demand for cashew nuts will increase again.
According to Reuters, global demand for cashew nuts reached 9.94 billion USD in 2018 and is expected to reach 13.48 billion USD by 2024, with an average growth rate of 5.2% in the period of 2018 – 2024. The above judgment is based on factors; the market’s growing demand for healthy snacks, there is growing demand from the European Union, the US, China, and the rise of large processing facilities in Africa
For Vietnam’s cashew exports, it is forecasted that in the third quarter of 2023, Vietnam’s cashew exports will increase thanks to the cyclical factor and the increased demand for imports from the US and EU. Currently, domestic factories have signed many new orders and the demand for this item has begun to increase again. Production activities took place actively, many units had to increase processing capacity to keep up with signed orders for the last 2 quarters of the year. Improving quality, diversifying products, and making good use of opportunities from the market will help Vietnam’s cashew industry continue to grow and breakthrough.
Deeply processed investment oil and diversified products are advantages for Vietnam’s cashew nuts to easily compete for export. Typically, Hanfimex Group Joint Stock Company always signed export orders to difficult markets thanks to many delicious and high-quality products. This is also the direction that businesses need to move towards.
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