The cashew industry has exceeded the target set by the Vietnam Cashew Association of 3.1 billion USD and is forecast to increase further this December, 2023

The Import-Export Department (Ministry of Industry and Trade) cited data from the General Department of Customs as saying that, according to estimates, Vietnam's cashew nut exports in November 2023 reached 65 thousand tons, worth about 358 million USD, an increase times respectively at 1.1% and 0.03% compared to October 2023, increased by 34.5% and 30.7% compared to November 2022. In the first 11 months of 2023, Vietnam's cashew nut exports are estimated to reach 582 thousand tons, worth 3.31 billion USD, up 23.1% in volume and 17.4% in value compared to the same period last year. With these results, the cashew industry has exceeded the target set by the Vietnam Cashew Association of 3.1 billion USD and is forecast to increase further this December.

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. Therefore, the export growth of the above types of cashew nuts has had a positive impact on the entire industry. Regarding the market, the United States is currently the largest export market for Vietnam's cashew nuts this year. However, in recent months, China has been considered an "active buyer" in the industry. Specifically, according to statistics in October 2023, cashew exports to China reached 14,854 tons with a value of more than 88.7 million USD, an increase of 69.4% in volume and an increase of 77% in turnover compared to the same period last year. period last year. This output is the highest since the beginning of the year and makes China surpass the US, becoming the largest importer of Vietnamese cashew nuts in October.

The global cashew market is forecast to grow by an average of 4.6% in the period 2022-2027. The global trend is favoring vegan and plant-based diets, prioritizing alternative protein sources, leading to increased demand for nuts and nut-based foods, including cashews. It is forecasted that in the fourth quarter of 2023, Vietnam's cashew exports will increase thanks to cyclical factors and increased import demand from the US and EU to serve consumption during the year-end holidays. With export results up to this point growing well beyond the target, it is forecast that cashew exports for the whole year can reach 3.3 billion USD.

Vinapro Team