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  • Spending 3 billion USD to buy and remove seeds from Ivory Coast to land in Vietnam 12/13/2023

    Dec 13th, 2023

    Preliminary statistics from the General Department of Customs, in the first 11 months of 2023, our country's cashew production and processing enterprises spent 3.07 billion USD to import nearly 2.66 million tons of cashew nuts. Compared to the same period last year, the amount of imported cashew nuts increased sharply by 46.5%, the value increased by 19.2%. The 5 largest markets supplying cashew nuts to Vietnam include: Ivory Coast, Cambodia, Nigeria, Ghana and Tanzania. Of which, cashew nuts imported from Ivory Coast and Cambodia accounted for 57.5% of the total import value of the entire cashew industry in the past 11 months. However, the cashew import market structure has changed. Our country reduced imports from Cambodia and Tanzania but increased imports from Ivory Coast, Nigeria and Ghana. Specifically, the amount of cashew imported from Ivory Coast amounted to 850 thousand tons, with a value of 919.3 million USD, an increase of 86.6% in volume and an increase of 56.7% in value compared to the same period last year. Cashew imports from Nigeria increased dramatically by 133.2% in volume and 89.7% in value. The amount of cashews imported from Ghana also increased by 71%, the value increased by 45.5%. In contrast, cashew imports from Cambodia decreased to 613.2 thousand tons, with a value of 835.3 million USD. Compared to the same period last year, it decreased by 13.8% in volume and 23.3% in value. However, Cambodia is still the second largest raw cashew supply market for Vietnam, ranked only behind Ivory Coast. Explaining the sharp increase in imported cashews, experts in the industry said that the price of this type of nut has been low in recent times, so businesses have taken advantage of buying large quantities to use as raw materials for processing. According to the Vietnam Cashew Association, most cashew processing enterprises are not proactive in raw material sources. The domestic supply of raw cashew nuts only meets about 30% of processing capacity, 70% of raw materials depend on imported goods. To promote the development of the cashew industry, leaders of the Vietnam Cashew Association said that processing enterprises need to focus on investing in developing raw material areas; Support and sign purchasing contracts with cashew growers to have a stable source of raw materials. Thereby, reducing dependence on raw cashew supply from foreign countries, improving the competitiveness of our country's cashew export processing.