According to the General Department of Customs data, Vietnam’s cashew nut exports in the first 4 months of 2022 reached 153.3 thousand tons, with a turnover of 913.5 million USD, down 5.3% in volume and 4.1% in turnover over the same period in 2021.
Vietnam’s average export price of cashew nut in the first 4 months of 2022 was 5,957 USD/ton, up 1.3% over the same period in 2021. The average export cashew nut price in April 2022 was 5,962 USD/ton, down 0.3% over March 2022 and up 0.8% compared to April 2021.
In the first 4 months of 2022, Vietnam exported cashew nuts most to the US, the Netherlands, and China, accounting for 58.0% of the total cashew nut exports.
Vietnam’s cashew nut exports to the US in the first 4 months of 2022 were 50.33 thousand tons, equivalent to a turnover of 285.9 million USD, up 10.0% in volume and 13.7% in turnover over the same period in 2021. Meanwhile, exports to the Netherlands were down 18.2% in volume and 15.9% in turnover over the same period in 2021. Vietnam exported 16.3 thousand tons of cashew nut to the Netherlands, with a turnover of 78.3 million USD.
Cashew nut exports to Australia increased sharply in the first 4 months of 2022, with a volume of 4.99 thousand tons, equivalent to a turnover of 30.63 million USD, increasing by 34.3% in volume and 35.9% in turnover compared to the same period in 2021.
The Branch of Olam Vietnam Limited in Bien Hoa II Industrial Zone was Vietnam’s top cashew nut exporter in the first quarter of 2022.
It is estimated that Vietnam’s exports of cashew nuts will rise in the coming months, with demand increasing in several markets.
Data from the General Administration of Customs China showed that in March 2022, China imported a total of 8.2 million USD of cashew nuts, up 23% over February 2022 and 16.9% over March 2021. In the first quarter of 2022, China’s cashew nut imports were 33.9 million USD, increasing by 17.8% over the same period in 2021.
In the first quarter of 2022, China reduced cashew nut imports from most major suppliers, except for Myanmar and Ivory Coast. China’s cashew nut imported from Vietnam equal to a turnover of 25.85%, down 6% over the first quarter of 2021. Vietnam’s cashew nut market share in China’s total imports decreased from 95.62% in Q1 2021 to 76.27% in Q1 2022. On the other hand, Myanmar and Ivory Coast’s shares in China’s total imports increased significantly over the same quarter in 2021, accounting for 18.51% and 4.97%, respectively.
According to ITC, in the first 2 months of 2022, Germany imported 8.74 thousand tons of cashew nuts, worth 64.5 million USD, up 8.7% in volume and 11.2% in turnover over the same period in 2021. Specifically, Germany imported 6.2 thousand tons of cashew nuts from Vietnam, equivalent to 45.12 million USD, up 26.7% in volume and 32.9% in turnover. Vietnam's cashew nut market share in Germany's total imports increased from 60.77% in the first 2 months of 2021 to 70.83% in the same period in 2022. Notably, Germany sharply increased its cashew nut imports from Honduras, Ivory Coast, and Indonesia. However, the import volume is still low.
Right after the EVFTA comes into effect, the tax rate for cashew nut products imported from Vietnam will be reduced to 0%. This is an important milestone and a great opportunity for cashew nut companies. Before the implementation of EVFTA, the tariff of cashew nuts imported into the EU from Vietnam usually fluctuated from 7 to 12%.
In Western Europe, Vietnam's cashew nuts are exported to countries such as Germany, the Netherlands, France, Belgium, etc. Especially, Vietnam’s cashew nut companies have well exploited the Dutch and German markets.
For Eastern Europe, Vietnamese cashew nuts are present in many countries such as Russia, Poland, Romania, Ukraine, etc.
In the past time, the conflict between Russia and Ukraine has caused Vietnam's cashew nut exports to face the risk of supply chain disruption due to trade tensions and escalating geopolitics; High freight rates create more difficulties for import and export activities.
However, with the trend of diversifying supply along with advantages from FTAs, Vietnam has many favorable conditions to increase its attractiveness and competitiveness, paving the way for the establishment of a new supply chain with the EU market, attracting waves of high-quality investment, and deeply participating in the global value chain.
Source: The Ministry of Industry and Trade
Compiled by VietnamCredit