Cashew Export Growth in 2024

Vietnam continues to dominate the global cashew export market, cementing its leadership in the first 10 months of 2024. The country exported 613,500 tons of processed cashew nuts, worth $3.6 billion, reflecting an 18.7% increase in volume and a 22.1% rise in value compared to the same period in 2023.

The Ministry of Agriculture and Rural Development (MARD) reported that Vietnam’s cashew industry has sustained its position as the top global exporter for nearly two decades. With this performance, the industry is on track to exceed previous records, bolstered by a surge in demand across key international markets.

Top Export Markets

Vietnam's cashew exports saw growth in all 15 of its primary markets:

• The United Arab Emirates recorded the highest growth at 58.3%, showcasing robust demand.
• The Japanese market exhibited more modest growth at 1.1%.
• The United States, China, and the Netherlands remain Vietnam’s top three cashew export markets, accounting for 27.7%, 16.4%, and 9.4% of total export turnover, respectively.

A Steady Climb to Record Numbers

Vietnam’s cashew export value peaked in 2021 at $3.63 billion, then dipped to $3.08 billion in 2022. By 2023, exports rebounded to $3.6 billion, and MARD forecasts that exports in 2024 will reach an unprecedented $4.3–4.5 billion.

This growth stems from Vietnam's advanced processing, strong reputation, and consistent cashew quality, solidifying its global leadership.

Conclusion

With Vietnam poised to break its own record in cashew exports, the industry is clearly well-positioned to expand further. Therefore, diversification into emerging markets, such as the UAE, and maintaining strong relationships with established partners, like the United States and China, will remain essential for sustaining this impressive growth trajectory. Moreover, as demand continues to rise steadily, buyers seeking premium cashew products may want to consider securing long-term supply contracts to ensure consistent availability. Consequently, this approach could help safeguard their operations against potential market fluctuations.





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