It is forecasted that Vietnam will have a deficit in cashew nuts for the second consecutive year

DNHN - By the end of September of this year, our nation had imported 2.33 million tonnes of cashew nuts worth 2.73 billion dollars. The volume and value of cashew imports increased sharply by 42.1% and 16.2%, respectively, compared to the same period 2022

The General Department of Customs reports that in the first nine months of 2023, Vietnam exported 1.25 million tonnes of cashew nuts worth a total of 3.13 billion US dollars. Despite an 8.3% decline in export volume compared to the same period last year, export value increased by 0.7%. This highlights the improvement in the quality of Vietnamese cashew products on the international market.

Our nation currently leads the world in cashew nut exports, and Vietnamese cashew nut products account for a significant portion of the total cashew import turnover in the United States and China.

By a cyclical pattern, Vietnam's cashew exports will increase in the final months of the year, particularly during the holidays and Tet, when demand for cashew nuts spikes dramatically.

To satisfy domestic production and consumption demands, Vietnam has been forced to import substantial quantities of cashews. This year, up until the end of September, our nation imported 2,33 million tonnes of cashew nuts worth a total of $2.73 billion. The volume and value of cashew imports increased sharply by 42.1% and 16.2%, respectively, compared to the same period last year.

The cashew nut industry of our country has always operated at a trade deficit. This indicates that our nation has spent a substantial amount of money importing cashew nuts for domestic processing and consumption. In the first nine months of 2023, cashew nuts have become the agricultural item for which our nation has spent the most on imports.

Regarding the supply of cashew nuts to Vietnam, Ivory Coast ranks first in terms of value, whereas Cambodia ranks first in terms of volume. In the first nine months of 2023, our nation spent approximately 765.5 million USD to import 700 thousand tonnes of cashew nuts from the Ivory Coast, a volume increase of 84% and a value increase of 54.5% compared to the same period in the previous year. Imported cashew nuts for Cambodia reached 609 thousand tonnes with a total value of 830 million USD, a decline of 13% in volume and 23% in value compared to the same period last year.

Vietnam has increased its imports of cashew nuts from markets other than Cambodia at a rapid rate. The quantity of cashew nuts imported from Ghana increased by 64.9% in volume and by 40% in value; the quantity imported from Nigeria increased by 134% in volume and by 89.7% in value; the quantity imported from Tanzania was equivalent to the same period last year, but the value decreased by 11.2%.

Industry experts believe that if the cashew import rate maintains the same as the first month of the year, 2023 will be the second consecutive year that Vietnam has a trade deficit in cashew nuts. To maintain balance in the international market, this industry's import and export management requires careful consideration and management.

PV (t/h)