Vietnam earned USD 4.37 billion from cashew nut exports, of which the US was the market with an export value of over USD 1 billion last year, an incease of 24.4% in volume and 31.6% in value over the same period in 2023.

The Import-Export Department (Ministry of Industry and Trade) cited data from the General Department of Customs that in 2024, Vietnam's estimated cashew nut exports would reach 730,000 tons, worth USD 4.37 billion, an increase of 13.3% in volume and an increase of 20.2% in value compared to 2023.

The average export price of cashew nuts from Vietnam reached approximately USD 6,003 per ton, an increase of 6.1% compared to 2023.

According to data for the first eleven months of 2024, Vietnam's cashew nut exports to three major market regions—Asia, the Americas, and Europe—have experienced robust growth. Notably, the most significant increase was seen in exports to the Americas, with an increase of 25.7% in volume and 30.4% in value compared to the same period in 2023. Conversely, exports of cashew nuts to Oceania and Africa decreased.

Regarding market structure, the cashew industry has effectively tapped into nearly all traditional and potential export markets. Notably, exports to the United States over the past eleven months have reached 179.48 thousand tons, valued at USD 1.07 billion, an increase of 24.4% in volume and 31.6% in value compared to the same period in 2023.

Exports to China reached 117,420 tons, worth USD 687.84 million, an increase of 18.9% in volume and an increase of 14.4% in value.

The cashew industry has effectively tapped into the EU market, with export growth observed in different member countries, including the Netherlands, Germany, and Spain.

According to the Department of Import and Export, in recent years, the Vietnam's cashew industry has consistently maintained its position as the world's leading exporter of cashew nuts for several consecutive years, thereby affirming the brand's reputation in the international market. Vietnam's cashew nuts are now present in many countries and territories around the world, with export revenue steadily growing each year.

The global cashew market is projected to be valued at USD 7.78 billion in 2024, with expectations to reach USD 8.14 billion by 2025 and to USD 11.67 billion by 2033.

With this trend, the demand for cashew imports from major markets is likely to continue to increase in the coming time, creating export space for Vietnamese suppliers.

Kylie Nguyen