Vietnam’s cashew export industry experienced remarkable growth in the first seven months of 2024, according to the latest data from the General Department of Vietnam Customs. Export volume reached 421,560 tons with a total value of 2.37 billion USD, marking a 25.85% increase in volume and a 21.64% rise in value compared to the same period in 2023. Despite a slight 3.3% drop in the average price per ton, Vietnam’s cashew industry continues to expand in key markets such as the U.S., China, and Europe, reaffirming its position as one of the leading exporters in the world.
Key Export Markets Below are the main export markets for Vietnam’s cashews in the first seven months of 2024:
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United States: Exported 114,047 tons, valued at 634.77 million USD, an increase of 28.3% in volume and 24% in value.
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China (Mainland): Exported 74,585 tons, valued at 317.97 million USD, with a growth of 58.13% in volume and 37.97% in value.
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Netherlands: Exported 37,899 tons, valued at 217.28 million USD, an increase of 15.68% in volume and 12.76% in value.
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Germany: Exported 14,196 tons, valued at 77.88 million USD, with an increase of 30.79% in volume and 26.78% in value.
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United Arab Emirates (U.A.E.): Exported 12,109 tons, valued at 71.51 million USD, a growth of 45.1% in volume and 50.64% in value.
Challenges and Prospects While export volume and value have risen, the slight decrease in the average price highlights some challenges for Vietnam’s cashew industry in terms of competitive pricing and production costs. However, with strong growth in major markets, the industry is expected to maintain its momentum through the remaining months of 2024.
Future Trends and Outlook for the Cashew Industry Looking ahead, the cashew industry must focus on exploring new markets, transitioning to sustainable production, investing in technology, and developing processed products to maintain its leading position and achieve sustainable growth.
Source : cptcorp
