Earning nearly 2 billion USD from cashew nut exports

Cashew nuts are one of the groups of agricultural export products with positive growth since the beginning of the year, with export revenue of approximately 2 billion USD after 7 months, an increase of nearly 10%.

Cashew nut exports brought in US$1.94 billion, up 9.7% over the same period last year.

According to statistics from the General Department of Customs, in July 2023, our country’s cashew nut exports reached 54.67 thousand tons, worth nearly 304.4 million USD, up 19.2% in volume and 12.2% in volume. 8% in value over the same period.

Accumulating 7 months, Vietnam’s cashew exports reached 335,000 tons, worth 1.94 billion USD, up 13.3% in volume and 9.7% in value over the same period in 2022.

The average export price of Vietnam’s cashew nuts reached $5,805/ton, down 3.2% over the same period in 2022.

In the first 7 months of 2023, cashew nut exports to most markets increased over the same period last year. Cashew nut exports to the US, the largest market of the cashew industry, reached 88,903 tons with a value of more than US$512 million, up 0.7% in volume and 0.32% in value over the same period in 2022.

The Import-Export Department (Ministry of Industry and Trade) assessed that the weak economy, high inflation, and the conflict between Russia and Ukraine showed no sign of cooling down, causing most major economies in the world to reduce cashew imports, negatively affecting the global cashew industry in general, including Vietnam.

Along with vegetables, coffee and rice, cashew is one of the four groups of agricultural products with positive growth in the past 7 months. However, despite the growth, in general, this group of goods had a sharp decline last year.

In 2022, Vietnam exported 520,000 tons of cashew nuts, worth 3.09 billion USD, down 10.3% in volume and 15.1% in value compared to 2021.

Although Vietnam’s cashew exports in 2022 decreased compared to 2021, Vietnam continued to maintain the world’s number one position for 16 consecutive years in terms of cashew kernel exports when accounting for 80% of the total global output.

Vietnam’s cashew nut exports in 2022 are affected by many factors, such as geopolitical conflicts causing reduced demand for cashew nut consumption, high inflation causing consumers to increase savings and reduce spending. for non-essential foods including cashews.

It is forecasted that in the third quarter of 2023, Vietnam’s cashew exports will inched up thanks to cyclical factors and increased import demand from the US and EU to serve consumption at the end of the year, but the increase will not be much.

Assessing the overall global economy and Vietnam’s main cashew import markets, cashew nut exports will not be able to reach $ 3.8 billion as planned from the beginning of the year but will reach around the threshold like last year. , at $3.05-3.15 billion.

Source: https://baodautu.vn/thu-gan-2-ty-usd-tu-xuat-khau-hat-dieu-d197153.html