Preliminary statistics from the General Department of Customs show that in the past 10 months, Vietnam exported 613,500 tons of cashew nuts, earning nearly USD 3.6 billion. Compared to the same period last year, the volume of exported cashew nuts increased by 18.5% and the value increased by 22.1%.

The export price of this super nutritious seed from Vietnam has also increased sharply since the beginning of the year, from USD 5,394/ton to USD 6,407/ton.

Cashew industry's trade surplus in the first 10 months of 2024 increased dramatically by 3,881% compared to the same period in 2023.

Currently, Vietnam is still the world's leading exporter of cashew nuts, exporting to 90 countries and territories. Vietnam has exported cashews to the following markets: the United States, the Netherlands, the United Arab Emirates, the United Kingdom, Canada, China, Germany, Australia, Saudi Arabia, and Spain. As of the end of September 2024, cashew exports to most markets increased sharply.

The US is the largest customer of Vietnam's cashew nuts. In the first 9 months of this year, exports to this market reached over 150,400 tons, USD earning 871.3 million. The volume of cashews exported to the US increased by nearly 30%, while the value increased by 32.8% compared to the same period in 2023.

Accordingly, the US market accounted for 27.7% of Vietnam's total cashew export value in the first 9 months of 2024, an increase of 2.4 percentage points over the same period last year.

Data from the US International Trade Commission shows that in the first 8 months of 2024, the country spent USD 554.2 million for importing about 101,300 tons of cashew nuts from Vietnam. Compared to the same period in 2023, the volume of cashew nuts imported from Vietnam increased by 21.4%, and the value increased by 16%.

Notably, this strength of Vietnam is taking an "unprecedented" position in the US market, accounting for 89.4% of the total cashew nut imports of this country.

Cashew industry experts predict that cashew nut exports will increase sharply in the last months of this year due to cyclical factors and an upward trend in export prices. Vietnam's cashew industry is also expected to set a historical record with export turnover reaching USD 4 billion in 2024.

According to experts, despite facing many challenges, the long-term outlook for cashew prices shows that volatility will continue, and prices are likely to remain high due to limited supply and high global demand, especially during the year-end festive period.

Kylie Nguyen