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THERE IS STILL MUCH ROOM FOR GROWTH IN CASHEW EXPORT IN 2024

|March 12th, 2024

 

 

 It is forecast that the cashew industry still has a lot of room for export growth in 2024. The current low price of cashew nuts will help promote consumption, while productivity and harvest output are quite stable.

Along with vegetables, coffee and rice, cashew exports increase in both quantity and value compared to 2022. Specifically, statistics from the General Department of Customs show that Vietnam's cashew exports in 2023 will reach 644,000. . tons, worth 3.64 billion USD, up 24% in volume and 18.1% in value compared to the previous year. 
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In terms of 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.

In 2023, Vietnam's cashew exports to all major markets will increase compared to 2022. According to the Vietnam Cashew Association, in 2023, cashew exports to the US market will reach 885 million USD, an increase of 5 %. compared to 2022 and accounts for nearly 25% of the total export turnover of this item.

Cashew nut exports to the Chinese market recorded a breakthrough, with a turnover of 683 million USD, an increase of 55% compared to 2022 and accounting for 19% of the total cashew export turnover of the country.

At the same time, cashew exports to the Netherlands in 2023 will reach 353 million USD, an increase of 19% compared to 2022 and accounting for 10% of the country's total cashew export turnover. In addition, the amount of cashew nuts exported increased sharply to the following markets: United Arab Emirates (up 72.3%); China (up 49.8%); Saudi Arabia (up 46.3%); UK (up 24.1%)…

Forecasting that in 2024, Vietnam's cashew industry still has a lot of room for export growth. The current low price of cashew nuts will help promote consumption of this healthy product, while productivity and harvest output are quite stable.

The Vietnam Cashew Association forecasts that the global cashew market is expected to grow by an average of 4.6% in the period 2022-2027. The global trend towards vegan and plant-based diets has increased demand for nuts and nut-based foods; including cashew nuts.

Currently, Vietnam holds the number one position in the world in cashew export, accounting for 80% of total global output for 16 consecutive years.
According to tinnhanhchungkhoan.vn.

 

 

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