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Vietnam spends 2.89 billion USD importing cashew nuts. (Photo: congthuong.vn)
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Throughout the reviewed period, Cambodia represented the nation’s largest supplier of cashew nuts with an output of more than 815,000 tonnes, worth more than 1.06 billion USD, up 33% in volume and 27% in value on-year.
The Ivory Coast ranked second among suppliers with more than 547,000 tonnes valued at over 678 million USD, down 30% in volume and 20% in value compared to the same period from last year.
Ghana made up the country’s third largest cashew nut supplier with more than 264 thousand tonnes worth more than 301 million USD, up 12% in volume and 18% in value over last year’s corresponding period.
According to several international experts, cashew nut prices in terms of both imports and exports have been fluctuating continuously since the beginning of the year, possibly due to supply chain disruptions that have led to an increasingly narrowing of growing areas.
Vietnam, as the world’s largest cashew processor, is encountering a drop in raw cashew imports of more than 10% compared to the same period last year. Poor harvests in West Africa, the main source of raw cashews, have also exacerbated the shortage. High raw cashew prices and a lack of raw materials have pushed up the price of cashew kernels.
Additionally, demand remains high in emerging markets, with countries like China and other parts of Asia seeing strong demand due to an expanding middle class coupled with increasingly health-conscious consumers.
In addition, increased competition for available supply has pushed prices up.
Regarding the export situation, the first nine months of the year witnessed the whole country export 581,130 tonnes of cashew nuts of all kinds with an export turnover of US$3.38 billion, an increase of nearly 28% in volume and 32.6% in value compared to the first nine months from last year.
This year, the nation has set a target of achieving a record cashew export turnover of 3.8 billion USD, about 200 million USD higher than the level recorded in 2023.
Vietnam-China trade nears 170 billion USD mark after 10 months
The two-way trade turnover between Vietnam and China reached 168.5 billion USD in Jan-Oct 2024, according to the latest report from the General Statistics Office (GSO).
Of which, export turnover of goods to China reached 117.7 billion USD, a year-on-year increase of 31.6%. Imports from China to Vietnam were valued at 50.8 billion USD, a year-on-year rise of 2.1%. With these, the trade deficit with China was 66.9 billion USD, a rise of 68.5%.
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| Fresh coconut is one of the products favored by the Chinese market (Photo: Vina T&T) |
Since 2004, China has always been Vietnam’s largest trading partner. Bilateral trade growth in the past 10 years has remained in the double digits. Currently, China is Vietnam’s second largest export market and largest import market. With many advantages in economic and trade cooperation, over the years, trade exchange between Vietnam and China has maintained a stable and sustainable growth momentum.
In terms of goods, Vietnam’s major export items to China are mobile phones, components, electronic equipment, rubber, agricultural products and seafood, while key import items from the Chinese market include machinery, equipment, raw materials for production in the garment industry, leather shoes, iron and steel and construction materials.
In terms of exports, agricultural products are the main items Vietnam exports to China. In particular, durian is a "hot" product of Vietnam that is very popular in the market. In addition, Chinese also favor longan, lychee, mango and fresh coconut from Vietnam.
Recently, China has opened its doors to Vietnamese coconuts. The Vietnam Fruit and Vegetable Association assessed that the market’s demand for importing this product is very large and tends to grow steadily, with each year being higher than the previous year.
According to the General Department of Customs, in 2023, Vietnam - China bilateral import-export turnover reached 171.2 billion USD. Of which, Vietnam's exports to China reached 61.2 billion USD, an increase of 6.4% compared to 2022. Imports of goods from China reached 110.64 billion USD.
In 2024, two-way trade turnover is expected to reach 200 billion USD.
Vietnam’s pangasius exports to Canada recover
As of October 15, 2024, Vietnam’s pangasius exports to the Canadian market reached 32 million USD, up 10% over the same period last year.
According to Vietnam General Department of Customs, in the first half of October 2024, pangasius exports to Canada reached more than 1 million USD, down 33% over the same period last year.
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| Vietnam’s pangasius exports to Canada recover. (Photo: congthuong.vn) |
Export value of pangasius to Canada in the first three quarters of this year showed recovery and quite positive results with continuous positive growth. March enjoyed the highest export turnover, with more than 4 million USD, up 21% over the same period last year.
Notably, after continuous growth in the previous months, in April and August 2024, Canada suddenly reduced its import of pangasius from Vietnam, with 3 million USD, down 21% and 3.3 million USD, down 17%, respectively. However, in the following months, this market grew positively.
Canada mainly imports frozen pangasius filet products from Vietnam. Exports of this product to Canada in the third quarter of 2024 reached 9 million USD, down 6% from the third quarter of 2023.
In the first nine months this year, Vietnam exported more than 26 million USD worth of frozen pangasius filets to Canada, up 10% over the same period last year, mainly due to the growth in exports in the first quarter of this year, accounting for 86% of the total pangasius exports to this market.
In addition, exports of other dried and frozen fish products (whole, cut or frozen) also recorded positive growth of 56% in the first nine months, with a value of 4 million USD, mainly due to a sharp increase in exports in the third quarter. In July 2024, export value of this product to Canada reached its highest level of 770,000 USD, up 71% compared to July 2023.
AgroViet 2024 to take place in Hanoi later this month
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| Vietnamese agricultural products will be promoted at AgroViet 2024. (Photo: VNA) |
Vietnam’s 24th international agricultural exhibition, AgroViet 2024, will take place in Hanoi from November 20 - 23, Vietnam News Agency quoted saying of the Centre for Agricultural Trade Promotion (Agritrade) under the Ministry of Agriculture and Rural Development.
Announcing AgroViet 2024 at a press conference in Hanoi on November 12, the centre said that following the results of previous fairs, AgroViet 2024 is organised to promote and expand international economic cooperation and exchange, promote brands, products, trade transactions, and agricultural specialties of localities across the country.
The organiser has received registrations from nearly 100 domestic and foreign units with 250 booths, including 99 booths of international enterprises.
Deputy Director of Agritrade Hoang Van Du said that AgroViet 2024 will facilitate Vietnamese enterprises to trade with many enterprises from countries, including China, India, Mongolia, Australia, Russia, and the Republic of Korea.
At the fair, Vietnamese enterprises and visitors can observe agricultural machinery and equipment, particularly Chinese systems that work with agricultural production in Vietnam. Meanwhile, many Chinese enterprises are looking for partners as they want to import Vietnamese agricultural products.
Within the framework of the fair, there will be a Vietnam - Mongolia Agricultural Products Promotion Forum; a Vietnam - China Business Trade Conference and a launching ceremony of Vietnamese agricultural products booths on Chinese e-commerce platforms and social networks.
VinFast becomes top-selling car brand in Vietnamese market
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| VF 3 is among the best-selling models in October with nearly 5,000 vehicles sold. (Photo: Internet) |
VinFast Automaker, a subsidiary of Vingroup, announced on November 12 that it delivered over 11,000 electric vehicles (EVs) in October, raising the total deliveries to more than 51,000 units, securing its position as the top-selling car brand in Vietnam in the first ten months of 2024, reported Vietnam News Agency.
The VF 3 and VF 5 were among the best-selling models, with nearly 5,000 and over 2,600 units sold, respectively.
Other models, including the VF 6, VF 7, VF 8, VF 9, and VF e34, also posted impressive sales numbers, reflecting consumers' growing preference for electric vehicles and the green mobility trend.
VinFast’s achievement as Vietnam's best-selling car brand marks a significant turning point for the domestic automotive industry. Within just five years of entering the market, VinFast has not only established a strong presence but also officially surpassed foreign car brands to claim the largest market share. Remarkably, it also became the first EV brand to outpace traditional petrol-powered brands, leading the market just two years after its transition to a pure-electric company./.