Vietnam Imported Cashew Worth US$ 1 Billion In First 4 Months Of 2023 News Page
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Vietnam Imported Cashew Worth US$ 1 Billion In First 4 Months Of 2023

Published Date: May 23, 2023

During the first four months of the year, Vietnam imported roughly 795,500 tonnes of raw cashew nuts worth US$1.06 billion, representing an increase in volume of 4.8% but a decrease in value of 7.1% compared to the same period last year. 

Vietnam’s Cashew Imports 

According to the General Department of Customs, Cambodia is currently the largest supplier of raw cashew nuts to the Vietnamese market, accounting for 63.8% of total supply. 

Following this are imports from African nations like Tanzania, the Ivory Coast, and Ghana, with turnovers of US$149.1 million, US$58 million, and US$36 million, respectively. 

The Vietnam Cashew Association (Vinacas) claims that local processors have recently struggled with a lack of raw materials, and many have been forced to increase imports despite rising prices to ensure supply for export processing. 

Vietnam’s Cashew Exports 

Vietnam made US$952.5 million from exporting cashew nuts to foreign markets between January and April, an increase of 4.5% compared to the same period last year. The average export price fell 1.8% from the same time last year to $5,846 USD per tonne. 

The Vietnamese cashew industry has been leading the world in terms of production and exports for many years, with an export value of between US$3.5 billion and US$3.8 billion annually, though this position is waning. 

Vietnam’s Cashew Production 

Currently, Vietnam cultivates cashews on 300,000 hectares of land, providing 30% of the raw materials needed to meet local businesses' processing needs.

Vinacas has therefore suggested that the Ministry of Agriculture and Rural Development create a long-term plan specifically for cashew growing regions, as well as take actions to double or even triple the yield and put emphasis on the deeper processing of cashew nuts. 

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