(HSV VIETNAM GROUP) – 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 compared to the same period in 2022.
According to preliminary statistics from the General Department of Customs, in July 2022, Vietnam's cashew exports reached 54,675 tons, worth more than 304.3 million USD, down 7.5% in volume and down 10.2% in turnover compared to June 2023. Overall, 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 compared to 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, cashew exports to the US in July 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. Overall, in the first 7 months of the year, cashew exports to the US reached 88,903 tons with a value of more than 512 million USD, up 0.7% in volume and up 0.32% in value compared to the same period in 2022.
According to the Import-Export Department - Ministry of Industry and Trade, in the first months of 2023, the economy is weak, inflation is high, 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 cashew nuts used as snacks or used for cooking and desserts decreases due to increased consumer inflation. In the long term, when inflation is controlled and the world economy recovers, demand for cashew nuts will increase again.
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.
As for Vietnam's cashew exports, it is forecast that in the third quarter of 2023, Vietnam's cashew exports will increase thanks to cyclical factors and increased import demand from the US and EU. 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 orders signed 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.
Investing in deep processing and diversifying products is an advantage for Vietnamese cashew nuts to easily compete for export. Typically, Hanfimex Group Joint Stock Company always signs export orders to demanding markets thanks to many delicious, high-quality products. This is also the direction that businesses need to aim for.
Ha Diem HSV