In the first 7 months of the year, Vietnam exported 412,000 tons of cashew nuts, earning 2.8 billion USD. In recent months, China has surpassed the US to become Vietnam's largest cashew nut import market.
According to data from the Customs Department, in July this year, Vietnam exported 68,000 tons of cashew nuts, earning 460 million USD, up 1.3% in volume and 11% in value compared to the same period in 2024. In the first 7 months, exports reached 413 thousand tons, worth 2.8 billion USD, up 18.3% in value.
The average export price in the first 7 months reached 6,805 USD/ton, up 21.4% over the same period last year. This is the highest price in many years, reflecting the increasing demand for nutritious nuts in the global market.
In the first 7 months of the year, China, the US and the Netherlands continued to be the three largest markets for Vietnamese cashew nuts, accounting for 22.4%, 20.3% and 9.1% of the market share, respectively. However, a notable development is that China has surpassed the US to become the number one market.
Exports to China reached 96 thousand tons, worth 608 million USD, up nearly 29% in volume and 47% in value compared to the same period in 2024. In July alone, China spent nearly 83 million USD to import more than 13 thousand tons of cashew nuts, accounting for nearly 20% of total cashew nut exports in the month.
According to the Import-Export Department, the export volume of cashew nuts to China has increased since the beginning of the year due to the recovery of the Chinese economy, increased demand for healthy agricultural products, as well as Vietnamese enterprises proactively responding better to the requirements of Chinese partners.
(Fomexco's workers are working at the cashew processing factory.)
In contrast, exports to the US have decreased significantly. In 7 months, Vietnam exported 83,000 tons, worth 561 million USD, down 27.5% in volume and 11.7% in value compared to the same period last year. The main reason is that the US government imposed reciprocal tariffs from July, raising the tax rate to 20%. Increased costs have caused Vietnamese cashew nuts to lose their competitive advantage, forcing US importers to cut orders or switch to other sources such as Ivory Coast and Brazil.
Statistics from the US International Trade Commission also show that in the first half of the year, Vietnam was still the largest cashew nut supplier to the US, accounting for more than 87% of the market share, but the volume decreased by 10% compared to the same period last year. The average import price from Vietnam reached 6,941 USD/ton, much higher than some other sources, making consumption difficult.
Vietnam maintains its position as the world's largest exporter for 18 years
The Vietnam Cashew Association (Vinacas) believes that the trend of healthy snacking is driving demand, helping Vietnamese cashew nuts maintain their competitive advantage.
(Cashew farmers in the organic cashew growing area of Gia Lai province - Photo of Fomexco)
For 18 consecutive years, Vietnam has been the world's largest cashew nut exporter, accounting for more than 80% of the total global output. In 2024, Vietnam will export 730 thousand tons, worth 4.37 billion USD, up 20.2% compared to 2023. With the current growth momentum, the target of 4.5 billion USD in 2025 is considered feasible, especially when consumption demand often increases during the holidays and Tet at the end of the year.
However, the cashew industry still faces many challenges. The US and EU both apply increasingly strict standards on traceability, pesticide residues and sustainable production requirements. In particular, in the US, tax and price competition from Africa may reduce Vietnam's market share.
However, with advantages in deep processing, stable supply and brand reputation, the Vietnamese cashew industry is still expected to maintain its leading position. Vinacas believes that the trend of consuming processed products is opening up new opportunities, because while the US has reduced its cashew nut imports, the amount of imported processed cashew nuts has increased by more than 30% in the first half of this year. Currently, the cashew area in the country is about 306 thousand hectares, with an estimated output of 311 thousand tons in the 2024-2025 crop year. The Ministry of Agriculture and Environment is implementing solutions on transparency of origin, digital data traceability, sustainable raw material area development and national brand building.
Source: Tien Phong Vietnam newspaper