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VIETNAM'S CASHEW NUTS EXPORT HOLDS THE NUMBER ONE POSITION

|Jan 30th, 2024

For the whole year 2023, Vietnam's total cashew export turnover will reach 3.63 billion USD, with an output of 641,000 tons, an increase of 17% in value, an increase of more than 23% in output compared to 2022.

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According to the General Department of Customs, in December 2023, Vietnam's cashew exports reached 63,000 tons, worth 343 million USD, an increase of 34% in volume and an increase of 27.5% in value compared to December 2022. For the whole year 2023, Vietnam's total cashew export turnover reaches 3.63 billion USD, output reaches 641,000 tons, up 17% in value, up more than 23% in output compared to 2022.

Regarding the 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.

According to the Vietnam Cashew Association, in 2023, the US will be Vietnam's largest cashew export market. Specifically, cashew nuts exported to the US market reached 885 million USD, an increase of 5% compared to 2022 and accounting 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. In particular, recently, the Chinese market has increased imports of Vietnamese cashews, becoming the largest market importing Vietnamese cashews, surpassing even the US market.

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 total cashew export turnover of the country. In addition, exporting cashew nuts to potential markets such as Germany, England, United Arab Emirates... also recorded positive results.

Specifically, in 2023, cashew exports to the United Arab Emirates and Saudi Arabia increased sharply, reaching 46.6% and 40.1% respectively over the same period last year. Notably, cashew nut exports to the UAE market increased by 148.7% over the same period last year. Other markets also recorded impressive growth.

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According to assessments of cashew export businesses, Vietnam's cashew export results will exceed the proposed milestone in mid-2023. These results confirm that, in the face of fluctuations, Vietnam's cashew industry still maintains the world's number one position in cashew export, accounting for 80% of total global output for 16 consecutive years.

It is forecasted that in 2024, the world economy will face many unfavorable factors and national conflicts will continue to negatively affect the global cashew industry, but Vietnam still expects positive movements. Many experts believe that, with current technological development, Vietnamese cashew nuts are competing with other countries. Especially countries with strengths in raw cashew materials like Ivory Coast. Therefore, the cashew industry needs to focus on processing quality and diversity of processed products to increase competitive advantage.

 

According to Vinacas.com.vn

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