Vietnam’s cashew exports have witnessed remarkable growth, surging by more than 30% in trade with the United States and China. With an 8-month cashew export turnover reaching an impressive 2.28 billion USD, the industry is poised to surpass the 2023 target of 3.1 billion USD set at the beginning of the year.
Breakthrough in the US Market
In August 2023 alone, Vietnam set a new record with cashew nut exports reaching 60.58 thousand tons, valued at 333.83 million USD. This signifies a substantial 10.8% increase in volume and a 9.7% rise in value compared to July 2023. Furthermore, it represents a substantial 29.2% surge in volume and a remarkable 21.8% increase in value compared to August 2022.
Key Highlights of Vietnam Cashew Exports
- Vietnam’s cumulative cashew exports for the first 8 months of 2023 reached nearly 395.6 thousand tons, valued at 2.28 billion USD—an impressive 15.5% increase in volume and an 11.3% rise in value compared to the same period last year.
- The average export price during this period was 5,760 USD/ton, reflecting a 3.6% decrease compared to 2022.
US and China Lead the Way
The United States and China remain the largest consumers of Vietnamese cashew nuts, collectively accounting for 41.8% of the country’s total cashew export turnover in the first 8 months of 2023. In August 2023, cashew exports to the United States surged by 33.8%, while those to China increased by an impressive 37.3% compared to August 2022.
For the 8-month period, cashew exports to the US market reached 102,700 tons, valued at 662 million USD, making it the single largest market for Vietnamese cashew exports. Meanwhile, cashew exports to China earned nearly 361 million USD, marking a robust 33.9% increase over the same period last year.
Vietnam also witnessed significant growth in cashew exports to other major markets, including Germany, England, the United Arab Emirates, and Saudi Arabia.
Outlook for 2023 Vietnam Cashew Exports
In 2023, the Vietnam Cashew Association (Vinacas) has set an ambitious target of 3.1 billion USD for cashew exports, representing a 20 million USD increase compared to 2022. Despite global economic challenges, including the Russia-Ukraine conflict and weakening economies, Vietnam’s cashew industry remains resilient.
With cyclical factors and increased import demand anticipated in the third and fourth quarters of 2023, Vietnam is expected to exceed its export target, reaching an estimated 3.3 billion USD.
Conclusion
Vietnam’s cashew industry continues to demonstrate its global dominance, with sustained growth and resilient performance. As the year unfolds, the country remains a key player in the international cashew market, contributing significantly to the global cashew industry.
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