Vietnam’s Cashew Industry Continues to Thrive
In March, Vietnam exported a record 55,000 tons of cashew nuts, valued at 289 million USD. This was double the previous month and a significant increase compared to the same period last year. The data was provided by the Import-Export Department of the Ministry of Industry and Trade, based on information from Customs. In the first quarter of the year, cashew exports totaled 147,000 tons, worth 782 million USD, an increase of 32% and 20.5% respectively compared to the same period last year.
Cashew nuts are becoming increasingly popular as a nutritious and healthy snack worldwide. The demand for them is on the rise, and export businesses have taken note. Vietnam’s main cashew exports are W320 (white cashew seeds 320) and W240 (240 seeds), which make up 56.71% of the total cashew exports. The growth in exports of these two types of cashews has had a positive impact on the industry’s performance.
The United States remains Vietnam’s largest import market for cashew nuts, but China has emerged as an active buyer in recent times. The Vietnam Cashew Association highlights the need for the industry to focus on processing quality and diversifying processed products to enhance its competitive advantage. In 2020, cashew exports reached a record high of 3.64 billion USD, exceeding the set target by 18%. It is anticipated that this year, the cashew industry still has significant potential for export growth and could reach the target of 4 billion USD.
Despite challenges such as fluctuations in global market prices and competition from other countries, Vietnam’s cashew industry remains optimistic about its future prospects. The industry is encouraged to continue investing in technological advancements and product diversification to maintain its competitive edge. With a strong presence in key international markets and a reputation for quality products, Vietnam’s cashew industry is poised for continued success in years to come.
