Vietnam still maintains its position as the world's No. 1 supplier of cashew kernels when countries are importing this product from Vietnam. In particular, China has spent a lot of money buying cashew nuts from our country in the past 8 months.

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According to data from the General Department of Customs, Vietnam's cashew exports set new records in August 2023, totalling 60.58 thousand tons and earning 333.8 million USD, up 10.8% in volume and 9.7% in value from the previous month.

Compared to August last year, cashew exports increased sharply by 29.2% in volume and 21.8% in value.

By the end of August this year, our country exported nearly 395.6 thousand tons of cashew nuts, with a value of 2.28 billion USD, an increase of 15.5% in volume and 11.3% compared to last year. 

The cashew nut industry was second only to rice and vegetables in the agriculture sector's "billion dollar export club" of rapid growth in the first eight months of 2023.

However, Vietnam's average cashew export price in the first 8 months of 2023 only reached 5,760 USD/ton, down 3.6% over the same period in 2022.

Notably, the cashew industry is still in a trade deficit as import turnover as of the end of August this year reached approximately 2.46 billion USD, up 12.4% over the same period last year.
Regarding export markets, the US and China are still the largest customers of Vietnamese cashew nuts. These two markets accounted for 41.8% of our country's total cashew export turnover in 8 months this year.

In August, the US and China spent large amounts of money buying cashew nuts. Thanks to that, Vietnam's cashew export value increased by 33.8% and 37.3%, respectively, compared to August 2022.

In particular, cashew exports to the United Arab Emirates market increased by 148.7% compared to August last year. A double-digit increase was also seen in the remaining markets.

Except for Australia and Spain, cashew shipments climbed to all major destinations during the first eight months of 2023.
 Of which, cashew nut exports to the Chinese market earned nearly 361 million USD, up 33.9% over the same period last year.

Cashew exports to the United Arab Emirates and Saudi Arabia increased sharply over the same period last year, at 46.6% and 40.1%, respectively.

Industry experts predict that Vietnam's cashew exports will increase from the third quarter of 2023 thanks to cyclical factors and increased import demand from the US and EU.

The number of new orders placed with domestic firms has increased, and interest in this product is starting to rise. Production activities are vibrant; many units must increase processing capacity to keep up with orders signed for the last two quarters of the year.

Vietnam's cashew business will continue to expand and make strides if it can improve quality, diversify its offerings, and take advantage of market prospects.

Read more: Cashew nut export sees positive growth over five-month period

Vietnam's cashew kernel export turnover in 2023 will be around 3.05 billion USD (down 50 million USD from the plan), based on the most recent projection of the Vietnam Cashew Association (Vinacas), if raw cashew prices remain stable and tend to decline from now through the end of the year and early 2024.