(HSV VIETNAM GROUP) – Every month our country earns hundreds of millions of dollars from this item.
HSV Vietnam Group Joint Stock Company will strongly develop cashew exports in 2024 - Image of the Company's warehouse
According to preliminary statistics from the General Department of Customs, Vietnam's cashew exports in November reached 64,148 tons with a value of more than 352 million USD, down 0.3% in volume and down 1.6% in value compared to the previous month. Accumulated in the first 11 months of the year, our country earned 3.3 billion USD from cashew export, export volume reached 581,039 tons, up 22.9% in volume and 17.2% in value compared to the same period last year.
Regarding the market, the US is the largest market for Vietnamese cashew nuts. Specifically, in the first 11 months of the year, this country imported 144,280 tons of cashews from our country worth more than 810 million USD, an increase of 10% in volume and an increase of 5.3% in value compared to the same period in 2022.
Source: General Department of Customs
Notably, China is also sharply increasing imports of this product from Vietnam with the strongest growth rate among the 5 main markets for cashew nuts. Specifically, in the first 11 months of the year, our country exported 98,962 tons of cashew nuts to China and earned more than 602 million USD, a sharp increase of 42% in volume and 48% in value compared to the same period in 2022.
The average export price reached 6,087 USD/ton, up 4% over the same period in 2022.
Cashew export prices to China have continuously fluctuated over the past 2 years. Source: General Department of Customs
According to Baijiahao website, cashew nuts are nuts with rich nutritional content and unique flavor, known as the "King of dried fruits". However, the majority of cashew nuts consumed in the Chinese market are imported from Vietnam.
China also has a history and conditions for growing cashews when it became the earliest country to start growing cashews in the 1950s. Currently, China has cashew farms of a certain scale, mainly concentrated in Hainan, Yunnan, Guangxi, Guangdong... However, due to many different reasons, the Chinese cashew industry has not developed satisfactorily.
According to data from the Food and Agriculture Organization of the United Nations (FAO), China's cashew growing area is very limited, reaching only 67,000 hectares in 2019. Meanwhile, Vietnam's cashew growing area is 487,000 hectares and output is 485,000 tons. Thus, it can be seen that our country's planted area is more than 7 times larger than that of our neighbors.
Not only that, the productivity of cashew trees in China is also very low, and the processing technology is outdated, so China is in a weak position in the global cashew market and cannot compete with the world's leading cashew producing countries like Vietnam. Therefore, even in such a high-value cashew nut market, China has not yet found its own place.
In 2022, Vietnam's cashew exports will reach 519,782 tons, worth 3.08 billion USD, down 10.3% in volume, down 15.1% in value compared to 2021. Vietnam continues to maintain the world's No. 1 position in cashew kernel exports for 16 consecutive years, accounting for 80% of total global output.
Currently, Vietnamese cashew nuts are present in more than 90 countries and territories. Regarding the type structure, Vietnam mainly exports cashew nuts W320, W240, W180, accounting for 63.51% of the total volume and 69.84% of the country's total export turnover.
Besides cashews, Chinese people are also very passionate about Vietnamese fruits, one of which is durian with impressive growth in 2023. By the end of November, Vietnam's export turnover to China reached more than 55.4 billion USD, an increase of 5.22% over the same period in 2022.
Ha Diem HSV