Vietnam’s Cashew Nut Export Turnover Achieves 51% of 2023 Plan

During the first half of 2023, Vietnam’s cashew nut exports reached a significant milestone, generating a turnover of $1.61 billion, which fulfilled 51% of Vinacas’ annual export value target.

Over the initial six months of 2023, Vietnam exported 276,000 tons of cashew nuts, resulting in a revenue of $1.61 billion, representing a remarkable increase of 10.5% and 7.7% respectively, compared to the corresponding period in the previous year. This makes cashew nuts one of the top four agricultural products (alongside vegetables, rice, and coffee) in the agricultural sector, each with an export turnover exceeding $1 billion during the first half of 2023.

For the entire year of 2023, the Vietnam Cashew Association (Vinacas) set an export target of $3.1 billion for cashew nuts, a slight increase of $30 million compared to 2022. However, the industry is grappling with numerous challenges, including production hurdles and disruptions in the global and Vietnamese cashew industry supply chain. The cashew industry’s growth is being significantly impacted as the global demand for cashew kernels remains subdued, and the world raw material market faces various challenges.

Despite the obstacles, the cashew industry has made commendable progress, accomplishing 51% of its annual export plan in the first half of 2023.

Regarding prices, the export price of cashew nuts experienced a decline compared to the same period in 2022, with January showing a relatively steep decrease, and March witnessing a slight recovery. Overall, the average export price of Vietnam’s cashew nuts during the first five months of 2023 stood at $5,881 per ton, reflecting a 1.9% decrease from the equivalent period in 2022.

Source: Mekongasean