Cashew industry completes 2024 export plan in only 10 months

The Agency of Foreign Trade (Ministry of Industry and Trade) reported that, according to data compiled by the General Department of Customs in October 2024, Vietnam exported 65,220 tons of cashew nuts with a total value of over 424 million USD. This marks an increase of 1.3% increase in volume and 18.4% in value compared to October 2023.

In total, during the first 10 months of 2024, Vietnam exported 609,230 tons of cashew nuts with a total value of nearly 3.58 billion USD. This is an increase of 17.9% increase in volume and 21.4% in value compared to the corresponding period in 2023. Accordingly, Vietnam's cashew industry has met its export target for 2024 within just 10 months.

With the current growth momentum, the Vietnamese cashew industry expects to set a new record in the last few months of 2024. It is highly likely that the industry will achieve a record export value of over 4.5 billion USD by the end of 2024. This increase can be attributed to stable demand in traditional markets such as the United States, EU, and China. These markets typically experience high consumption during the year-end period and traditional festivals.

The average export price of Vietnamese cashew nuts reached 6,507 USD per ton in October 2024, which is a decrease of 0.2% compared to September 2024 but an increase of 16.9% compared to October 2023. For the first 10 months of 2024, the average export price remained relatively steady at 5,873 USD per ton, marking an increase of 3% from the corresponding period in 2023.

Over the first 10 months of 2024, Vietnam increased cashew nut exports to the majority of its traditional and potential markets, except for a 1.9% decrease in exports to Saudi Arabia in terms of volume, although cashew exports to this market rose by 9% in value. Notably, exports to several markets recorded double-digit growth, including the United States, China, the Netherlands, and the United Arab Emirates.

During the first 10 months of 2024, Vietnam saw an increase in exports of W180, W450, and WS/WB cashew nuts, with strong growth rates. This indicates that Vietnam's processed cashew products are growing rapidly in popularity among global consumers. This trend has been regarded as an exceptional and positive signal for the Vietnamese cashew industry.