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  • Vietnam is supplying a huge amount of one type of nut to the US - China, earning 2.28 billion USD 10/27/2022

    Oct 27th, 2022

    According to statistics from the General Department of Customs, in September 2022, Vietnam's cashew exports reached 38,320 tons, worth $234.36 million, compared with September 2021, down 25.5% in volume and 31 percent lower than in September 2021. 4% in value, the US and China are the markets that buy the most cashew nuts from Vietnam. In the first 9 months of 2022, Vietnam's cashew exports reached 380,530 tons, worth 2.28 billion USD, down 11.1% in volume and 14.4% in value over the same period in 2021. In the first nine months of 2022, the average export price of Vietnam's cashew nuts reached US$5,990/ton, down 3.7% over the same period in 2021. Notably, Vietnam is an irreplaceable source of cashew nuts for China. According to the Chinese Customs, in the first eight months of 2022, China imported $192.4 million in cashew nuts, up 85.7% over the same period in 2021. In which, China imported cashews from Vietnam. reached approximately 169.42 million USD, increased by 85%, market share accounted for 88.05% of the total value. Meanwhile, according to the US International Trade Commission, in the first eight months of 2022, the US imported 104,600 tons of cashew nuts, worth $669.27 million, down 10.2% in volume and 9.2% in value compared to the same period in 2021. The US imported cashew nuts from Vietnam reached 93,820 tons, worth 597.12 million USD. Vietnam's cashew nut market share in total US imports accounted for 89.69% in the first 8 months of 2022, higher than the market share of 89.1% in the first 8 months of 2021. According to the Import-Export Department (Ministry of Industry and Trade), the armed conflict between Russia and Ukraine affects Vietnam's cashew exports. The recession of major economies, high inflation makes consumers tend to increase savings. This will be a barrier for the US to reduce cashew nut imports in the remaining months of 2022, although consumption demand may increase at the end of the year (according to cyclical factors). High-priced products are likely not going to be the choice of many people in the context of the not-so-good economic situation. However, according to the Import-Export Department, the market still shows a positive signal when the demand for cashew imports from the EU and China still increases strongly. Therefore, Vietnam's cashew industry needs to exploit the advantages that new-generation Free Trade Agreements bring to boost exports to these markets. According to Eurostat, in the first 7 months of 2022, the EU's cashew imports from the non-EU market reached 119,400 tons, worth EUR 782.4 million, down 3.6% in volume, but up 7.5%. in value over the same period in 2021.