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Top 10 cashew exporters in Vietnam 2022

Top 10 cashew exporters in Vietnam 2022

Wednesday 01, 02 2023
The Branch Of Olam Vietnam Co., Ltd in Quy Nhon was Vietnam’s top cashew nut exporter in 2022, with a turnover of 143,794 thousand USD.

Vietnam’s cashew exports in 2022

The General Department of Customs statistics showed that in 2022, Vietnam's cashew kernel exports reached 519.78 thousand tons, with a turnover of 3.08 billion USD, down 10.3% in volume and 15.1% in turnover compared to 2021. The export turnover target of 3.2 billion USD has not been achieved. Thus, in 2022, the 10-year export growth period of the cashew industry, from 2011 to 2021, ended.

Vietnamcredit Vietnam's cashew kernel exports

The main reason for this result was the cashew importers’ and manufacturers’ trend to slow their material purchases down since the raw cashew prices stayed high compared to the selling price of cashew kernels.

In addition, the impact of the energy and food crisis has led to spending on non-essential foods such as cashews being affected.

Meanwhile, another primary market of Vietnam's cashews, China, maintained the "Zero Covid" policy until the end of 2022, thus having a certain adverse effect on the export of cashew kernels and other agricultural products from Vietnam to this market.

In 2022, Vietnam exported the most cashew nuts to the US market, accounting for 27.6% of total export turnover, followed by China with 14.5% and the Netherlands with 10.3%. However, exports to the US market decreased by 18.5% in volume and 19.9% in turnover; China by 11% in volume and 28% in turnover; the Netherlands by 22.6% in volume and 20.7% in turnover compared to 2021.

Vietnamcredit Vietnam exported

Industry outlook for 2023

In 2023, cashew production and supply chains globally and in Vietnam will continue to face many difficulties and challenges due to factors such as the Russia-Ukraine conflict, the international economic-political situation, inflation, and economic recession. In addition, there is the State Bank's credit tightening policy, USD/VND exchange rate fluctuations, consumption decline, processing costs variable increasing, and production stagnate.

The above factors will cause the growth of the cashew industry to be significantly affected when the global demand for cashew kernels continues to be gloomy. The world cashew raw material market will face many challenges. Therefore, Vietnam’s cashew industry only aims to export cashew nuts for 2023 at 3.1 billion USD.

Usually, at the beginning of the new year, companies will sign long-term contracts for at least until the third quarter. However, in 2023, most importers in the US and EU did not sign contracts to buy cashew kernels until the end of the second quarter of 2023. If signed, the quantity is very low.

In the context of abundant supply, global raw cashew production continues to increase sharply by 15-20% per year as many countries expand cashew acreage. While the output of raw cashew nuts increased sharply, the demand for cashew kernels in normal times only increased by 5-10% per year. Supply and demand in the cashew industry have been almost balanced, which means that the price of cashew kernels is very difficult to increase.

In the context that the price of W320 cashew kernels is on a downward trend, the price of Ivory Coast raw cashew nuts maintains at a high level. Experts said that the risk is very large for enterprises importing raw cashew. Therefore, businesses should consider and should not rush to import raw cashews at the beginning of the year.

Top 10 cashew nut exporters in Vietnam 2022

The Branch Of Olam Vietnam Co., Ltd in Quy Nhon was Vietnam’s top cashew nut exporter in 2022, with a turnover of 143,794 thousand USD. Following in second and third places were the Branch of Olam Vietnam Limited in Bien Hoa II Industrial Zone and Olam Vietnam Food Processing Company Limited, with turnovers of 124,687 thousand USD and 108,222 thousand USD, respectively.

Vietnamcredit Top 10 cashew nut

Source: The Ministry of Industry and Trade

Compiled by VietnamCredit

Tags: Vietnam industries, Vietnam companies, Vietnam cashew nut, cashew industry

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