(HSV VIETNAM GROUP) – Vietnam currently supplies about 89 - 90% of cashew nuts in the total amount of imports of this type of nut from the US. Cashew exports are forecast to increase thanks to cyclical factors and import demand from the US and EU is increasing again.
According to statistics from the International Trade Commission, in the first 6 months of 2023, the US imported 64,000 tons of cashew nuts from the world, worth 335.99 million USD.
Notably, Vietnam's cashew market share in total US imports in the first 6 months of 2023 reached 87.17% (slightly decreased compared to 91.61% in the same period in 2022), reaching 55,830 tons, worth 317.85 million USD.
Thus, Vietnam is the largest and irreplaceable source of cashew nuts for the US.
According to statistics from the General Department of Customs, in July 2023, Vietnam's cashew exports reached 54,670 tons, worth nearly 304.4 million USD, an increase of 19.2% in volume and 12.8% in value compared to July 2022. In the first 7 months of 2023, Vietnam's cashew exports reached 334,870 tons, worth 1.94 billion USD, up 13.3% in volume and 9.7% in value compared to the same period last year. Cashew nuts are one of the agricultural products with an export value of over 1 billion USD after 7 months of 2023.
In 2023, the Vietnam Cashew Association (Vinacas) aims to export cashew nuts to 3.1 billion USD, a slight increase of 30 million USD compared to 2022. Vietnam is currently supplying about 89 - 90% of cashew nuts in the total amount of imports of this type of nut from the US. Cashew exports are forecast to increase thanks to cyclical factors and import demand from the US and EU is increasing again. Photo: Binh Phuoc Newspaper.
Cashew nut exports are forecast to increase thanks to cyclical factors and import demand from the US and EU is increasing again. Currently, domestic factories have signed many new orders and demand for this product has begun to increase again. Production activities are vibrant, many units have to increase processing capacity to keep up with signed orders for the coming months.
Improving quality, diversifying products and making good use of opportunities from the market will help Vietnam's cashew industry continue to grow and breakthrough.
According to Reuters, global cashew consumption demand reached 9.94 billion USD in 2018 and is expected to reach 13.48 billion USD in 2024, with an average growth rate of 5.2% in the period 2018 - 2024.
The above assessment is based on the following factors; There is a growing market demand for healthy snacks, including growing demand from the European Union, the US, China, and the rise of large processing facilities in Africa.
In the opposite direction, Vietnam is also a country that imports a large amount of raw cashew nuts for processing. According to statistics from the General Department of Customs, Vietnam's cashew imports in July 2023 reached 363,435 tons with a turnover of more than 392.36 million USD, an increase of 16.1% in volume and an increase of 11.6% in value compared to June 2023.
Overall, in the first 7 months of the year, Vietnam imported more than 1.72 million tons of cashew nuts with a turnover of more than 2.11 billion USD, a sharp increase of 26.5% in volume and an increase of 6.8% over the same period in 2022. The average import price in the first 7 months of the year reached 1,230 USD/ton, down 15% over the same period in 2022.
Among cashew suppliers to Vietnam, Cambodia is the country where Vietnam imports the most cashew nuts with 587,160 tons in the first 7 months of the year, with a turnover of more than 802.3 million USD, down 14% in volume and 23% in value compared to the same period in 2022. This country holds a market share of more than 34% in volume and 38% in value in Vietnam's import structure.
Notably, Vietnam is sharply increasing its imports of cashew nuts from Ivory Coast with output and turnover skyrocketing in the first 7 months of the year. Specifically, Vietnam imported 409,093 tons of cashew nuts from Ivory Coast, worth more than 476.9 million USD, up 60.18% in volume and 41.76% in value over the same period last year.
Ivory Coast is Vietnam's second largest cashew supplier, accounting for 23.7% in volume and 22.6% in value of Vietnam's total cashew imports. In 2022, our country imported 482,659 tons from this country with a turnover of more than 616 million USD.
According to Nation Master, Ivory Coast is currently the world's largest cashew supplier, leading output with nearly 800,000 tons in 2022.
With cashew output only meeting about 30% of raw materials for processing needs from businesses, Vietnam still has to increase cashew imports from Cambodia, Ivory Coast, Ghana and Indonesia,...
Ha Diem – HSV