Vietnam has established itself as the world’s leading exporter of premium agricultural products, with cashew nuts being a standout commodity. For over two decades, the Vietnamese cashew industry has maintained its top position globally, contributing billions of USD to the national economy.
I. IMPRESSIVE GROWTH IN 2024
According to data from the General Department of Vietnam Customs, in October 2024, Vietnam exported 65,220 tons of cashew nuts valued at $424.44 million, representing a 1.3% increase in volume and an impressive 18.4% rise in value compared to October 2023.
Over the first 10 months of 2024, Vietnam exported 609,230 tons of cashew nuts, earning approximately $3.58 billion. This reflects a 17.9% growth in volume and a 21.4% increase in value compared to the same period last year. Notably, the average export price of Vietnamese cashew nuts reached $5,873 per ton, up 3.0% from the previous year.
II. KEY EXPORT MARKETS FOR VIETNAMESE CASHEWS
Vietnam’s cashew exports have expanded across both traditional and emerging markets, with significant growth in major destinations:
United States: As Vietnam’s largest export market, the U.S. imported 166,000 tons of cashew nuts valued at nearly $974 million during the first 10 months of 2024, reflecting a 28% increase in volume and a 33% surge in value. In October alone, exports to the U.S. totaled 15,400 tons, worth $102 million—up 9.7% in volume and 33.3% in value compared to October 2023.
China: The second-largest market imported over 103,000 tons, valued at $593 million, showcasing a 21.1% increase in volume and a 13.6% rise in value year-on-year.
Netherlands: Ranking third, this market purchased 57,400 tons of cashew nuts for $337 million, reflecting growth of 12.5% in volume and 14.3% in value.
III. CHALLENGES AND OPPORTUNITIES
Despite its success, the Vietnamese cashew industry faces challenges such as high production costs and reliance on imported raw materials. Approximately 90% of raw cashew nuts are sourced from African countries, highlighting the industry’s dependency on external supply chains. However, the growing global demand for healthy, plant-based foods, driven by vegan trends and health-conscious consumers, presents significant opportunities for sustainable growth.
IV. A PROMISING RECORD – BREAKING YEAR AHEAD
With strong demand from traditional markets such as the U.S., EU, and China, particularly during festive seasons, Vietnam’s cashew industry is expected to achieve a record export turnover exceeding $4.5 billion in 2024. Moreover, the global cashew market is projected to grow at a CAGR of 4.6% from 2022 to 2027, driven by rising demand in emerging Asian markets and an expanding middle class.
As a leading supplier of high-quality agricultural products, Visimex is at the forefront of Vietnam’s cashew export success. Our commitment to sustainability, stringent quality standards, and strategic partnerships ensures that Visimex cashew nuts meet the highest global standards. With state-of-the-art facilities and a dedication to innovation, Visimex continues to add value to Vietnamese agricultural exports and enhance the livelihoods of farmers nationwide.
For more information on our premium cashew products, please visit the Visimex Official Website.
