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  • Cashew kernel exports reached over 3.6 billion USD 01/04/2024

    Jan 4th, 2024

    By the end of 2023, Vietnam's cashew kernel export turnover will reach over 3.6 billion USD. In February 2024, the International Cashew Conference will be held in Quang Binh province, focusing on discussing solutions to shape supply and demand, orienting buying and selling prices for raw cashews and cashew nuts on a global scale. .Exporting investment capital over 36 billion USD According to information just updated on January 3 by the Vietnam Cashew Association (Vinacas), by the end of December 2023, Vietnam's cashew industry enterprises have exported more than 600,000 tons of cashew kernels, with a turnover of over 600,000 tons. 3.6 billion USD. Mr. Nguyen Minh Hoa, Vice President of Vinacas, said that Vietnam currently holds the number one position in the world in cashew export, accounting for 80% of total global output for 16 consecutive years. However, Vietnam's cashew industry is showing instability. The main cause is the overdevelopment of small-scale cashew production and processing facilities. This causes processing capacity to exceed consumption demand and businesses have to compete with each other to buy raw materials and sell cashew kernels. According to Vinacas, this situation of buying and selling has lasted for many years but has not been completely resolved. This association calls on businesses throughout the industry in 2024 not to rush to buy raw cashews and reserve a lot without having a contract to sell cashew kernels. In February, Vinacas will organize an International Cashew Conference in Quang Binh. “Here, the Association will sit together with organizations, businesses, raw material supply chains, and cashew consumers around the world to discuss solutions to reshape supply and demand, and buying price, selling price" - Mr. Hoa said. Exporting investment capital over 36 billion USD Vietnam's cashew kernel export output has accounted for 80% of total global output for many years According to forecasts, the global cashew market is expected to have an average growth rate of 4.6% in the period 2022-2027. In 2024, the cashew industry is assessed to have good prospects from European, American, and Japanese markets. However, businesses in this industry said that from 2019 until now, the profit margin of cashew production and export has been continuously decreasing, due to the difference in the price of imported raw cashew materials and the increasingly high price of exported cashew kernels. narrow. Therefore, businesses need to unite to join hands to regulate the import price of raw cashew materials and the price of processed cashew kernels. At the same time, implementing green production transformation to meet the needs of importing countries.