Cashew nut exports are forecast to increase sharply in the last months of the year

According to data from the General Department of Vietnam Customs, in September 2024, Vietnam's cashew nut exports reached more than 57,000 tons, worth USD 372.16 million, down 11.6% in volume but up 8.9% in value compared to August 2024.

In the first 9 months of 2024, Vietnam's cashew nut exports reached 543,500 tons, worth USD 3.15 billion, up 20.1% in volume and 21.7% in value compared to the same period last year.

It is forecast that in the last months of the year, cashew nut exports will increase sharply thanks to the cyclical factor and export prices tending to increase.

In September 2024, Vietnam's average cashew nut export price reached USD 6,522/ton, up 3.1% compared to August 2024 and up 19.5% compared to September 2023.

In the first 9 months of 2024, Vietnam's average cashew nut export price reached USD 5,797/ton, down 1.3% over the same period last year.

In the first 9 months of 2024, Vietnam increased cashew exports to most traditional and potential markets, except for exports to Saudi Arabia, which decreased by 3% in volume but still increased by 5.5% in value.

Vietnam mainly exports cashew nut varieties W320, W240, and W180, accounting for 65.02% of the total volume and 71.5% of total export turnover. Export growth of the above cashew nut varieties has had a positive impact on the entire industry.

According to preliminary statistics from the General Department of Vietnam Customs, exports of W320 cashew nuts in the first 9 months of 2024 reached 207,420 tons, worth USD 1.27 billion, an increase of 7.3% in volume and an increase of 7.8% in value compared to the same period last year.

Similarly, in the first 9 months of 2024, Vietnam sharply increased the export of cashew nuts W240 and W180, up 36% and 92.8%, respectively, in volume, and up 45.5% and 74.2%, respectively, in value over the same period last year.

Vietnam's cashew nut exports reached a record value in 2021, with USD 3.63 billion. In 2022, cashew nut exports decreased by 10.3% in volume and 15.1% in value, reaching 519,782 tons and USD 3.08 billion. In 2023, cashew export turnover increased by 18% compared to 2022, reaching USD 3.6 billion, but was still not equal to the figure of 2021. However, with positive results in the first 9 months of 2024, the cashew industry is expected to reach a record turnover of USD 4 billion for the whole year 2024.

According to forecasts, the global cashew nut market will grow by an average of 4.6% in the 2022–2027 period. The trend of favoring vegan and plant-based diets has increased the demand for nuts and foods processed from nuts, including cashew nuts. This will be a good opportunity for Vietnam's cashew industry to accelerate further in the coming time.