According to data cited by the Vietnam Cashew Association from the General Department of Customs, in September 2024, the country exported nearly 60,000 tons of cashew nuts of all kinds, with an export turnover of USD 393.4 million, an increase of 10.1% in volume and a sharp increase of 34.84% in value over the same period in 2023. However, this export volume was lower than that of August 2024 at 70.87 thousand tons and July 2024 at 74.12 thousand tons.

The average export price of cashew nuts in September 2024 reached USD 6,560/ton, an increase of 22.5% over the same period last year.

This is the highest price in 2024, higher than the prices of previous months, e.g. August 2024 at USD 6,424.7/ton and July 2024 at USD 6,279.59/ton.

In the first 9 months of 2024, the whole country exported 581,130 tons of cashew nuts of all kinds with an export turnover of USD 3.38 billion, an increase of nearly 28% in volume and an increase of 32.6% in value compared to the first 9 months of 2023. The average export price in the first 9 months of 2024 reached USD 5,775.5/ton, an increase of 2.8% over the same period last year.

In the opposite direction, in September 2024, the whole country imported 188.8 thousand tons of raw cashew nuts, worth USD 260 million, a decrease of 23.18% in volume and an increase of 7.42% in value, the average import price reached USD 1,377/ton, an increase of 39.8% over the same period last year.

From January to September 2024, the country imported 2.14 million tons of raw cashew nuts, worth USD 2.6 billion, a decrease of 11.7% in volume and a decrease of 7.3% in value compared to the first 9 months of 2023. The average import price reached USD 1,212/ton, an increase of 3.13% over the same period last year.

In the first 9 months of 2024, the main import markets were still: Cambodia (773.6 thousand tons, an increase of 26.16% over the same period), Ivory Coast (494.8 thousand tons, a decrease of 33.8% over the same period) and several other countries.

Specifically, in September 2024, Vietnam imported 90 thousand tons of cashew nuts from Ivory Coast, a slight increase compared to the volume of 68.8 thousand tons in August 2024. Import turnover reached USD 120 million, a significant increase compared to August's value of USD 88.2 million. Compared to the same period in September 2023, import volume decreased by 29.9% and turnover decreased by 3.59%.

However, in September 2024, Ivory Coast maintained its number 1 position among raw cashew nut export markets, similar to the previous month.

Regarding total import volume, in the first 9 months of 2024, Vietnam imported a total of 494.8 thousand tons of raw cashew nuts worth USD 576.4 million from Ivory Coast, a decrease of 33.8% in volume and a decrease of 28.74% in value compared to the same period in 2023.

Despite the challenges, the long-term outlook for cashew prices suggests volatility will continue, with prices likely to remain high due to supply constraints and strong global demand, particularly during the year-end festive period.

Kylie Nguyen