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  • Earned nearly 2 billion USD from cashew export 08/26/2023

    Aug 26th, 2023

    Cashew nuts are one of the groups of exported agricultural products with positive growth from the beginning of the year until now, with export revenue of approximately 2 billion USD after 7 months, an increase of nearly 10%. According to statistics from the General Department of Customs, in July 2023, our country's cashew export reached 54.67 thousand tons, worth nearly 304.4 million USD, an increase of 19.2% in volume and an increase of 12. 8% in value over the same period. Accumulated in 7 months, Vietnam's cashew exports reached 335,000 tons, worth 1.94 billion USD, up 13.3% in volume and 9.7% in value compared to the same period in 2022. Vietnam's average cashew export price reached 5,805 USD/ton, down 3.2% over the same period in 2022. In the first 7 months of 2023, cashew nut exports to most markets increased compared to the same period last year. Exports of cashew nuts to the US, the largest market of the cashew industry, reached 88,903 tons with a value of more than 512 million USD, up 0.7% in volume and up 0.32% in value over the same period in 2022. The Import-Export Department (Ministry of Industry and Trade) assessed that the economy is weakening, inflation is rising, the conflict between Russia and Ukraine shows no signs of cooling down, causing most major economies in the world to reduce cashew imports. , negatively affecting the global cashew industry in general, including Vietnam. Along with vegetables, coffee and rice, cashews are one of four agricultural product groups with positive growth in the past 7 months. However, despite the growth, overall, this product group had a sharp decline last year. In 2022, Vietnam will export 520,000 tons of cashew nuts, worth 3.09 billion USD, down 10.3% in volume and 15.1% in value compared to 2021. Although Vietnam's cashew exports in 2022 decrease compared to 2021, Vietnam continues to maintain the world's number one position in cashew kernel exports for 16 consecutive years, accounting for 80% of total global output. Vietnam's cashew exports in 2022 are affected by many factors, such as geopolitical conflicts reducing cashew consumption demand, high inflation causing consumers to tend to increase savings and reduce spending. for non-essential foods including cashews. It is forecasted that in the third quarter of 2023, Vietnam's cashew exports will increase thanks to cyclical factors and increased import demand from the US and EU to serve year-end consumption, but the increase will not be much. Assessing the overall global economy and Vietnam's main cashew import markets, cashew exports will not reach the level of 3.8 billion USD as planned from the beginning of the year but will reach around the same threshold as last year. , at 3.05-3.15 billion USD.