“Vietnam cashew nut exports continue to face difficulties in 2023”, the Vietnam Cashew Association (VINACAS) shared their prediction of the cashew market in a conference on January 7 to review 2022’s activities and to look forward to 2023.
Even though the Vietnam cashew nut exports target of 3.2 billion USD was adjusted to about $600 million from the original target of $3.8 billion, Vietnam only exported cashew kernels with a value of 3.07 billion USD in 2022. The main cashew import markets from Vietnam are still: the US, EU, and China… Regarding deep-processed cashew products, domestic consumption and export volume are still maintained compared to 2021, accounting for about 5 % of the whole industry’s total processed cashew kernel output. The trend of reducing spending on non-essential food such as cashew nuts due to the influence of inflation, the economic recession is forecasted to last until 2023, consumption will be slow, and prices will be challenging to increase at this time. Between 2022 and 2023, cashew exports are likely to be more complicated than they were between 2019 and 2021.
According to the VINACAS forecast, cashew production and supply chains globally and in Vietnam will continue to face significant challenges due to changes in the global economy by the end of 2022 and 2023. These include the political situation, inflation and recession problems; the State Bank’s credit tightening policy, USD/VND exchange rate fluctuations; Consumption declines, processing costs increase, and production stagnates…
Thus, the Vietnam cashew nut export situation in 2023 will face many difficulties and challenges. After discussing and considering, the Executive Board of VINACAS proposed to adjust the target of cashew export sales in 2023 at a modest level of about 3.1 billion USD, a slight increase of 30 million USD compared to 2022.