In the first 10 months of 2024, cashew imports reached more than 2.3 million tons, worth more than 2.89 billion USD, down 8.5% in volume and 1.1% in value compared to the same period in 2023.

According to preliminary statistics from the General Department of Customs, cashew imports to Vietnam in October reached more than 141 thousand tons, worth more than 220 million USD, down 16.9% in volume and 9.3% in value compared to the previous month.

In the first 10 months of 2024, cashew nut imports reached more than 2.3 million tons, worth more than 2.89 billion USD, down 8.5% in volume and 1.1% in value compared to the same period in 2023.

In terms of the market, Cambodia is Vietnam’s largest cashew nut supplier with an output of more than 815 thousand tons, worth more than 1.06 billion USD, up 33% in volume and 27% in value compared to the same period in 2023.

The average import price reached 1,300 USD/ton, down 5% compared to the same period last year. In 2022, Cambodia exported 471,520 tons of raw cashew nuts and earned more than 1.07 billion USD. Of which, up to 98.5% of Cambodia’s cashew nut exports were sold to Vietnam.

Ranked second among suppliers is Ivory Coast with more than 547 thousand tons, worth more than 678 million USD, down 30% in volume and 20% in value compared to the same period last year. The average import price reached 1,239 USD/ton, up 14%.

Gana is the third largest cashew nut supplier to Vietnam with more than 264 thousand tons, worth more than 301 million USD, up 12% in volume and 18% in value compared to the same period in 2023. The average import price reached 1,141 USD/ton, up 6% compared to the first 10 months of 2023.

According to some international experts, the price of cashew nuts in both import and export directions has been fluctuating continuously since the beginning of the year, possibly due to disruptions in the supply chain, leading to the growing area of ​​this crop being increasingly narrowed.

Vietnam, the world’s largest cashew processor, is facing a decline in raw cashew imports of more than 10% compared to the same period last year. Poor harvests in West Africa, the main source of raw cashews, have also exacerbated the shortage. Higher raw cashew prices and a lack of raw material have pushed up cashew kernel prices.

In addition, strong demand in emerging markets: Countries such as China and other parts of Asia are seeing strong demand due to an expanding middle class and increasingly health-conscious consumers. Increased competition for available supplies has pushed up prices.