Cashew exports earn 3.64 billion USD in 2023

Thursday, 18/01/2024 16:15
With 3.64 billion USD of export value, the cashew industry exceeded the 2023 plan by 18% (3.05 billion USD), marking the highest level in recent years.
Cashew exports earn 3.64 billion USD in 2023

According to data from the General Department of Vietnam Customs, Vietnam exported 63,000 tons of cashew in December 2023, equivalent to 343 million USD, up 34% in volume and up 27.5% in value.

In 2023, cashew exports reached the target of 644,000 tons, equivalent to 3.6 billion USD, up 24% in volume and up 18% in value against 2022. With this result, the cashew industry surpassed the year plan by 18%. This is also the highest result in recent years.

This year, Vietnam exported cashew to some major markets such as the U.S., China, and the Netherlands with positive growth. Specifically, cashew exports to the U.S. reached 885 million USD, up 5% against 2022 and accounting for nearly 25% of the total export turnover of this item.

According to cyclical factors, Vietnam’s cashew export activities are busy in the last months of the year. Consumption demand for cashew nuts during holidays often increases sharply. The industry had great expectations after the visit of U.S. President Joe Biden to Vietnam in September 2023.

Mr. Tran Huu Hau, Deputy General Secretary of the Vietnam Cashew Association (Vinacas), said that the cashew industry has had a foothold in the U.S. for many years, and the demand of this market is quite stable.

After Vietnam and the US upgrade of relations, Vinacas hopes that cashew businesses will be able to access modern technology and production lines from the U.S., serving the new direction of the industry with the focus on processing and exporting value-added products, instead of cashew nuts like today.

In addition, cashew exports to China also recorded a breakthrough after the country lifted COVID-19 epidemic prevention measures, with export turnover of 683 million USD, up 55% against 2022 and accounting for 19% of the total.

Cashew exports to the Netherlands, the gateway to the EU market, in 2023 reached 353 million USD, up 19% against 2022 and accounting for 10% of the total.

Other potential markets such as Germany, England, and United Arab Emirates also recorded positive results in 2023.

The Import-Export Department under the Ministry of Industry and Trade said that Vietnam’s cashew industry well exploited traditional and potential markets. Cashew export in 2024 is forecast to have much room for growth./.