VIETNAM’S CASHEW NUTS EXPORT IN 2022
Vietnam’s cashew exports in 2022 were 45.7 thousand tons, with a turnover of 296.3 million USD. This figure is up 11.7% in volume and 17.6% in revenue from 2020. However it downs 2.9% in volume and 4.3% in turnover from 2021.( https://vietnamagriculture.nongnghiep.vn/cashew-nut-exports-recover-towards-the-end-of-the-year-d339137.html )
Vietnam exported 469.0 thousand tons of cashews in 2021, generating 2.95 billion USD in revenue. This is an increase of 12.4% in revenue and 13.0% in volume over the previous year.
In 2022, the average export price for cashew nuts was 6,281.4 USD/ton, a 0.5% decrease over the corresponding period in 2021. However, the average price of cashew nuts exported from Vietnam grew in 2022, rising 5.3% to 6,482.6 USD/ton.
Vietnam will sell 64.8% of its total exports of cashew nuts in 2022, primarily to the US, China, and the Netherlands. In particular, the amount of cashew nut exports to the Chinese market grew in 2022 compared to 2021. It is rising by 10.0% to 77.18 thousand tons and by 24.8% to 563.1 million in revenue. Exports of cashew nuts to the US market climbed by 6.0% in volume and 11.8% in value. That has total 163.3 thousand tons with a 972.2 million USD in revenue.
Aside from China, the export of cashew nuts to the UAE market also grew significantly in 2022, reaching 6.84 thousand tons. This market had a turnover of 43.50 million USD, a 95.6% rise in volume and a 159.2% increase in turnover over 2021.
MARKET FORECAST
More than 90 nations and territories import cashew nuts from Vietnam. Vietnam has the varied export markets all over the world. So even if one market is disrupted or closed to trade, other markets can continue to function, it can keep the chain of cashew nut production and export intact. This helps the cashew processing business to recover in the event of the COVID-19 pandemic.
Vietnam still sells the majority of its cashew nuts to the US, Europe, China, and India among its cashew import markets. The two biggest European buyers of Vietnamese cashew nuts are the Netherlands and Germany.
Vietnam’s cashew kernel market is prosperous all year round. There will be significant market demand towards the end of the year. Particularly there is thr growth in the European market, in the three major cashew kernel export markets of the US, Europe, and China.
The United States continues to be Vietnam’s top export destination for cashew kernels. This is accounting for 149,000 tons and more than 880,600 million USD, or close to 30% of export revenue. More than 24% of Vietnam’s cashew export revenue comes from the European market, while more than 14% comes from the Chinese market.
Germany and Taiwan are now two markets where there are evidence that imports of cashew nuts from Vietnam are rising. In particular, the European statistics agency estimates that around 29% of Europe’s total volume and turnover is accounted for by cashew imports into Germany.
There was a strong demand from the food processing sector as well as rising consumer demand. Thus, cashew nut consumption is steadily rising in Germany. Due to its consistent supply and assured quality, Vietnam continues to be the top source of cashew nuts for the German market.
Due to the benefit of the EVFTA, Vietnam’s cashew export prospects to the German market will be favorable in 2023. Additionally, Vietnam’s cashew business will benefit from the rise in demand for German cashew imports.
Vietnam has long been the country that exports the most cashew nuts to Taiwan. Recently, Taiwan Customs published a notice announcing changes to the Customs Import Tariff. In particular, the import tax rate for cashews into Taiwan would be lowered from 16% to 10%.
Taiwan is not among the top export destinations. However, the forthcoming decrease in the import tariff on cashew nuts would encourage Vietnam to grow its shipments of cashews to Taiwan significantly in the near future.
VIETNAM CASHEW NUTS TOP EXPORTERS
As the top producer and exporter of cashew nuts for many years, Vietnam Cashew Nuts Industry is now referred to as the “undisputed King of Cashew nuts for exports”. Vietnam surpassed several Southeast Asian nations in cashew nuts export rank. The Southern part of Binh Phuoc is one of the most prolific cashew nut-producing regions in the world. The farmers in this region grow South American-originated cashew nut trees.
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