As the market share continues to increase, Vietnam cashew nuts have accounted for approximately 90% of the US cashew imports in 2020.
According to statistics from the US International Trade Commission, the country’s cashew imports in 2020 reached 167,100 tons, worth US$ 1.08 billion, up 7.9% in volume, but down 8.5% in value compared to 2019.
The US’s average import price for cashew nuts in 2020 reached US$ 6,477/ton, 15.2% lower compared to 2019. Specifically, the US’s average import price for cashew nuts was reduced in almost every supply market.
In 2020, the US reduced importation from Brazil, India and Indonesia. In particular, America’s cashew imports from Brazil only amounted to 4,510 tons, valued at US$ 30.17 million, down 25.6% in volume and 37.5% in value compared to 2019; cashew imports from Indonesia reached 3,449 tons, valued at US$ 21.36 million, down 5.6% in volume and 24.6% in value; cashew imports from India reached 2,472 tons, valued at US$ 19 million, down 45.9% in volume and 48% in value.
On the other hand, the US increases the importation of cashew from Vietnam. The US’s cashew imports from Vietnam in 2020 reached 149,270 tons, valued at US$ 963.13 million, up 12.5% in volume, but 4.2% in value compared to 2019.
With the following import volume and value, the US continued to be the largest market for Vietnamese cashew nuts in 2020, occupied 31% in volume and 31% in value.
Vietnam started to export cashew to America in the mid-1990s. Thenceforth, the US has always been an important market for Vietnamese cashew nuts and has become the biggest market for many years.
The US is the only market so far that Vietnam’s cashew exports reach more than 100,000 tons/year and over US$ 1 million/year. Since 2015, cashew imports from Vietnam to America have reached 100,000 tons and have maintained at 100,000 tons a year continuously.
From 2017 to 2019, Vietnam’s cashew export value is always above US$ 1 billion/year. Notably, 2017 was the highest year, with US$ 1.219 billion. In the past few years, the price of cashew nuts on the world market always tends to decrease, so the value of Vietnam’s cashew exports to the US gradually decreased and lost the US$ 1 billion mark in 2020, even though the volume tends to increase all the time.