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Vietnam's cashews account for approximately 90% of the market share in the US

11/10/2021

Vietnam's cashew industry still affirms its position as the number 1 supplier in the US thanks to stable supply and guaranteed quality.

According to the International Trade Commission (USA), in the first seven months of 2021, the US increased the volume of cashew imports from most of the main supply sources, but the increase from Vietnam was the lowest. The reason is that due to the complicated development of the Covid-19 pandemic, Vietnam has to apply strict social distancing measures on a wide and prolonged scale. In addition, high freight rates have negatively affected the export of Vietnamese cashews to the US.

In addition, Vietnam's cashew nut is still subject to competition from the Ivory Coast and Nigerian markets, but Vietnam's cashew nut market share in total US imports has increased slightly from 89.08% over 7 months of 2020 to 89.26% over seven months 2021.

This shows that the Vietnamese cashew industry still asserts its position as the number 1 supplier in the US thanks to its stable supply and guaranteed quality.

According to the International Trade Commission (USA), in the first seven months of 2021, the US imported approximately 97,000 tons of cashew nuts, worth USD 615 million, increased by 0.5% in volume, but decreased by 6.1% in value over the same period in 2020.

Over the past 30 years, from a country exporting raw cashew nuts in small quantities, Vietnam has become the leading exporter of cashew kernels in the world. From 2017 to date, Vietnam has become the world's No.1 cashew export and processing center, accounting for more than 50% of processed raw cashew nuts.

In 2020, according to statistics from the General Department of Customs, despite being heavily affected by the COVID-19 pandemic, cashew nut exports still reached nearly 515 thousand tons, worth USD 3.21 billion, an increased by 13% in volume, but decreased by 2.3% in value compared to 2019.

According to Vinacas, over 30 years, from 1990 to the end of 2020, the cashew industry has exported over 4.6 million tons of cashew kernels, with a total value estimated at more than USD 31 billion.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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