Vietnam's cashew nut exports maintain a high growth rate

According to the Agency of Foreign Trade under the Ministry of Industry and Trade, Vietnam's cashew nut exports in September 2023 are estimated at 60 thousand tons, which is valued at 328 million USD. This is an increase of 56% in volume and 39.6% in value compared to September 2022.

These figures indicate that Vietnam's cashew nut exports have consistently maintained high growth rates, in terms of both volume and value. Vietnam's cashew nut exports reached 60.58 thousand tons in August 2023, which is valued at 333.83 million USD. This is an increase of 29.2% in volume and a 21.8% increase in value compared to August 2022.

Thanks to robust growth in the third quarter, Vietnam's cashew nut exports for the first nine months of 2023 are estimated at 456 thousand tons, which is valued at 2.6 billion USD. This is an increase of 19.6% in volume and 14.3% in value compared to the same period in 2022. As a result, Vietnam's cashew nut exports have recovered considerably after a significant decline in 2022, achieving double-digit growth in terms of both volume and value.

The strong growth of cashew nut exports in 2023 is attributed to its positive performance in the Chinese market. Namely, Vietnam's cashew nut exports to China reached 58 thousand tons in the first eight months of 2023, which is valued at 361 million USD. This is an increase of 29.2% in volume and 33.9% in value compared to the same period in 2022. Additionally, cashew nut exports have experienced significant growth in other markets such as the UAE (60.5% increase in volume and 46.6% increase in value in the first eight months) and Saudi Arabia (58.2% increase in volume and 40.1% increase in value in the first eight months).

The Agency of Foreign Trade predicts that Vietnam's cashew nut exports will be active in the remaining months of 2023, as demand for cashews for major holidays and festivals is expected to rise significantly in large markets. This trend is particularly evident in the United States, which is the leading market for cashew nuts.

The United States remained the largest market for Vietnamese cashew nuts in the first seven months of 2023. However, the growth in this market was stagnated compared to the same period in 2022, with exports reaching 88.9 thousand tons in volume and 512 million USD in value. This is an increase of 0.8% in volume and 0.3% in value compared to the same period in 2022. However, by August 2023, Vietnam's cashew exports to the United States had rebounded remarkably, with an increase of 45.1% in volume and 33.8% in value. As a result, the cashew nut export volume in the first eight months rose to 104 thousand tons, which is valued at 592 million USD. This is an increase of 5.4% in volume and 3.8% in value compared to the same period in 2022.

The Vietnamese cashew industry is currently holding high expectations after the visit of the President of the United States Joe Biden to Vietnam on September 10 and 11, 2023. In addition, the demand for cashew nut imports in this market is exhibiting positive signs as consumption is recovering after months of decline due to inflation.

Statistics from the U.S. International Trade Commission demonstrate that the United States imported over 79 thousand tons of cashews in the first seven months of 2023, which is valued at 457 million USD. This is a decrease of 14.2% in volume and 23.1% in value compared to the same period in 2022. However, the United States imported over 15 thousand tons of cashews in July 2023, which is valued at over 89 million USD. This is an increase of 24.3% in volume and 26% in value compared to June 2023, and an increase of 24.9% in volume and 21.8% in value compared to July 2022.

According to several cashew businesses, new orders for Vietnamese cashew nuts are increasing in the last few months of the year as demand for consumption rises. Mr. Vu Thai Son, Chairman of the Cashew Association of Binh Phuoc province, the province with the largest production and export value of cashew nuts in Vietnam, stated that the Association have proposed increasing cashew processing capacity to meet the market demand. Accordingly, if there is a surplus compared to current orders, cashew producers can stockpile cashews to fulfill new orders. Most notably, customers often place orders with very short delivery times in 2023. If processing plants do not have cashews in stock, they will fail to meet meet new orders in time.