2024: A Record Year for Cashew Exports

Vietnam has maintained its dominance in the global cashew market, achieving remarkable results in 2024. In the first 10 months of the year, the country exported 613,500 tonnes of cashew nuts, valued at USD 5,87 per kg, a 2.9% increase in average price compared to 2023. The total export value reached USD 3,6 billion, up 18.7% in volume and 22.1% in value year-on-year.

Vietnam remains the world’s largest cashew exporter, a title it has held for nearly two decades. Cashew exports rose across all 15 major markets, with the UAE recording the highest growth at 58.3%, while Japan saw a modest increase of 1.1%.

Recovery from Past Challenges

Vietnam’s cashew industry has bounced back from a challenging period in previous years. Exports dropped to USD 3,08 billion in 2022 but rebounded to USD 3,6 billion in 2023. By October 2024, the same value was reached, and forecasts predict exports will climb to USD 4,5 billion by year-end. Vietnamese cashew kernels are now present in over 90 countries, strengthening the country’s global market influence.

Heavy Dependence on Raw Cashew Imports

Despite its leadership in cashew exports, Vietnam imports 90% of its raw cashew materials. Between January and October 2024, the country imported 2,32 million tonnes of raw cashews, worth USD 1,26 per kg. This reflects a 7,9% drop in volume and a 0,5% decline in value compared to the same period in 2023.

Cambodia, Côte d’Ivoire, and Ghana accounted for 71.7% of Vietnam’s raw cashew imports. Imports from Cambodia rose by 26,5%, and Ghana’s increased by 16.7%, while Côte d’Ivoire’s imports declined by 24.7%.

Local Farmers Face Challenges

Vietnam’s reliance on imported raw cashews has created challenges for domestic farmers, many of whom have moved away from cashew farming. In 2021, the country faced a USD 600 million trade deficit in the cashew industry, as raw cashew imports exceeded processed exports. However, improvements in trade policies helped Vietnam achieve a USD 400 million surplus by 2023 and nearly USD 700 million by October 2024.

Building a Sustainable Future

To maintain its global leadership, Vietnam must address its over-reliance on imports and ensure the sustainability of its cashew industry. The Vietnam Cashew Association (Vinacas) recommends:

• Strengthening Supply Chains: Developing domestic raw material zones to reduce dependency on imports.
• Increasing Deep Processing Capacity: Investing in advanced processing to enhance product value.
• Supporting Domestic Farmers: Introducing protective measures for local processors against unregulated imports.

Vinacas emphasizes the importance of long-term strategies to sustain growth and protect Vietnam’s position in the global market.





Click here to reach our trading platfrom CMBroker