In the first eight months the year, Vietnam's cashew exports are estimated at 374 thousand tons, with a turnover of 2.30 billion USD, up 19.2% in volume and 15.1% in turnover over the same period in 2020. Exports of this commodity are forecasted to witness positive growth in the last 4 months of 2021 thanks to strong demand from key markets including the EU and the US.
According to statistics from the General Department of Customs, in July, Vietnam's cashew exports reached 48.8 thousand tons, with a turnover of 314.9 million USD, down 7.7% in volume and 5.1% in value compared to June 2021; and up 30.3% in volume and 43.7% in value compared to July 2020. In general, in the first 7 months of 2021, Vietnam's cashew exports reached 288 thousand tons, with a turnover of USD 1,754 billion, up 20.3% in volume and 12.3% in turnover compared to the same period in 2020.
The average export price of cashew nuts in July 2021 reached 6,452.4 USD/ton, up 10.3% compared to the same period last year. Generally for the first 7 months of 2021, the average export price of cashew nuts reached 6,090.4 USD/ton, down 6.7% over the same period in 2020.
In the same period, Vietnam mainly exported cashew nuts to the US, China and the Netherlands, which accounted for 65.3% of total exports. In particular, compared to the same period in 2020, exports of cashew nut to the US market increased by 11.7% in volume but decreased by 3.2% in turnover compared to the same period in 2020; on the contrary, that to China increased by 56.0% in volume and 80.2% in turnover; to the Netherlands increased by 19.5% in volume but decreased by 4.7% in turnover over.
In addition, cashew nut exports to some markets also increased compared to the same period in 2020. For example, exports to Canada increased by 38.2% in volume and 29.6% in turnover; to Russia increased by 76.8% in volume and 59.7% in turnover; to Japan increased by 41.5% in volume and 36.6% in turnover; to UAE increased 163.1% in volume and 199.1% in turnover.
Vietnam's cashew nut export markets in the first 7 months of 2021
Although the Covid-19 pandemic is still raging on in the near future, cashew nut exports are believed to be the main driver of Vietnam's agricultural industry as exports of this product are predicted to increase in both volume and value.
It is forecasted that cashew nut exports in the third quarter of 2021 will grow positively thanks to the increasing demands of the US and EU markets following the cyclical factor. The US is a large cashew nut consumption market. This market is forecasted to grow by an average of 4.3% per year in the period 2020 - 2025. Therefore, the export potential of Vietnam's cashew nut to this country is huge.
Meanwhile, cashew nut is a popular snack among French consumer. Cashews are increasingly used as ingredients in nut-based beverages, such as unsweetened cashew milk, and other innovative products including chocolate or snacks. Besides, the appearance of retail brands of organic cashew nuts in France is increasing. France is the third largest cashew nut import market in the EU, with an average import growth rate of 7.99%/year in the period 2015-2020.
However, the complicated developments of the 4th outbreak of the Covid-19 pandemic will negatively affect Vietnam's cashew nut production and transportation due to tighter social distancing measures. The shortage of empty containers is likely to continue in the coming months and high freight rates are expected to last until 2022. This causes a lot of difficulties for Vietnam's cashew to compete with products from India or Brazil.
Source: Ministry of Indystry & Trade
Compiled by VietnamCredit