In September, China displayed an insatiable appetite for Vietnamese cashew nuts, doubling its spending compared to the same period last year. This emerging trend has established China as a major customer for Vietnamese cashews in the past month.

According to statistics from the General Department of Customs, in September 2023, Vietnam exported approximately 56.8 thousand tons of cashew nuts, raking in $310 million, marking a robust increase of 47.6% in volume and a substantial 31.8% surge in value compared to September the previous year.

Cumulatively for the first nine months of this year, Vietnam's cashew nut exports reached 452,600 tons, valued at $2.59 billion, translating to an 18.8% growth in volume and a 13.5% increase in value compared to the same period in 2022.

The average export price for cashew nuts stood at $5,722 per ton, representing a 4.5% decline compared to the same period in 2022. Cashew nuts have emerged as the third-highest growing commodity in Vietnam's "Billion-Dollar Export Club" within the agricultural sector, trailing behind only fruits and vegetables and rice.

Regarding market dynamics, in September, cashew nut exports to all traditional and potential markets surged significantly, boasting two- to three-digit growth figures compared to September 2022.

Notably, China has overtaken the United States to become the largest buyer of Vietnamese cashew nuts. The export value to China in September reached $73.2 million, marking a remarkable 107.6% increase compared to the same period the previous year. Additionally, exports to the United Arab Emirates also witnessed an extraordinary growth of 186.4%.

As of the end of September 2023, except for Australia, cashew nut exports from Vietnam to all markets showed robust growth. For instance, exports to the United Arab Emirates experienced the most substantial increase of 57.1% compared to the same period the previous year; however, the export turnover remained relatively modest, amounting to only $65 million.

The Chinese market recorded a 42.3% growth rate, yet Vietnam's cashew nut exports to this market soared to $433.8 million, placing it second only to the U.S. market.

With the cyclical factor in play, Vietnam's cashew nut export activities are expected to gain momentum in the final months of the year. The demand for cashew nuts, especially during festive seasons and the approaching Lunar New Year, is projected to surge significantly. The high growth rate in cashew nut exports to the Chinese market is poised to contribute to the overall export growth in this sector.

According to Vietnam.net