According to statistics from the General Department of Customs, Vietnam's cashew exports in March 2024 reached 58,922 tons, equivalent to 315.4 million USD, a sharp increase of 121.6% in volume and 122.3% in turnover. compared to the previous month. This is also the strongest growth rate among all Vietnam's export products.

By the end of the first quarter of 2024, our country exported 150,683 tons of cashew nuts, earning more than 808.8 million USD, up 35.4% in volume and 24.6% in turnover compared to the same period last year. The average cashew export price reached 5,368 USD/ton, down nearly 8% over the same period last year.

In the first 3 months of 2024, Vietnam exported 39,142 tons of cashew nuts to the US market

Regarding the market, the US is still Vietnam's largest export market in the first 3 months of 2024, reaching 39,142 tons, worth more than 208 million USD, an increase of 35.3% in volume and 23% in turnover compared to with the same period last year. In March alone, Vietnam exported 16,139 tons of cashew nuts to the US market, equivalent to 86.8 million USD, an increase of 23.3% in volume and 51.8% in turnover compared to March 2024. The average export price reached 5,315 USD/ton, down 9% over the same period.

Ranked second is the Chinese market , importing 23,537 tons of cashew nuts from Vietnam in the first quarter of 2024, a sharp increase of 102.5% in volume and 74.5% in value. Export price reached 5,576 USD/ton, down 13.8% over the same period.

The Netherlands is Vietnam's third largest cashew export market in the first 3 months of the year. Vietnam supplied this market with 10,285 tons of cashew nuts, equivalent to more than 57.4 million USD, an increase of 3.5% in volume but a decrease of 5.3% in turnover compared to the first quarter of 2023. The average export price also suffered a downward trend, reaching 5,588 USD/ton, down 8.4% over the same period.

In addition to the top 3, many other markets in Europe and Asia also actively import cashews from Vietnam, showing recovery after a decline in February.

Vietnam is currently holding the number 1 position in the world for 16 consecutive years in cashew kernel exports, accounting for nearly 80% of total global output.

The Vietnam Cashew Association (Vinacas) said that the reason cashew export prices have decreased recently is due to the rapid increase in raw cashew output in Cambodia and countries in Africa. Meanwhile, the cashew growing area in Vietnam is shrinking as people switch to other crops.

Experts predict that the cashew industry will have good prospects in 2024, the global market is forecast to grow by an average of 4.6% in the period 2022-2027. The global trend towards vegan and plant-based diets has increased demand for nuts and nut-based foods; including cashew nuts.