(Eleven months of 2021)
According to statistics from the General Department of Customs, Vietnam's cashew exports in November 2021 reached 45.7 thousand tons, with a turnover of 296.3 million USD, down 2.9% in volume and 4.3% in turnover compared to October 2021 but increased 11.7% in volume and 17.6% in turnover compared to November 2020.
In the first 11 months of 2021, Vietnam's cashew exports reached 469.0 thousand tons, with a turnover of 2.95 billion USD, up 13.0% in volume and 12.4% in turnover over the same period last year.
The average export price of cashew nuts in the first 11 months of 2021 reached 6,281.4 USD/ton, down 0.5% over the same period in 2020. However, the average export price of Vietnam's cashew nut increased in November 2021, reaching 6,482.6 USD/ton, up 5.3% compared to November 2020 but down 1.5% compared to October 2021.
In the first 11 months of 2021, Vietnam exports cashew nuts mainly to the US, China, and the Netherlands, accounting for 64.8% of total exports. Specifically, cashew nut exports to the Chinese market increased in the first 11 months of 2021 compared to the same period in 2020, with export volume reaching 77.18 thousand tons, up 10.0%, turnover reaching 563.1 million, up 24.8%. Cashew nut exports to the US market also increased by 11.8% in volume and 6.0% in turnover, reaching 163.3 thousand tons with a turnover of 972.2 million USD.
Aside from China, cashew nut exports to the UAE market also increased sharply in the first 11 months of 2021, with export volume reaching 6.84 thousand tons, turnover of 43.50 million USD, up 95.6% in volume, and up 159.2% in turnover over the same period in 2020.
Vietnam's cashew nuts have been present in more than 90 countries and territories. The diversified export market allows the cashew processing industry to turn around in the context of the COVID-19 pandemic because while one market may be affected or closed for trade, other markets can still operate, avoiding breaking the chain of cashew nut production and export.
Among the cashew import markets of Vietnam, the US, Europe, China, and India are still the main markets of Vietnam's cashew nuts. The Netherlands and Germany are the two largest importers of Vietnam's cashew nuts in the European market.
The cashew kernel market is good all year round for Vietnam. The three main cashew kernel export markets that are the US, Europe, and China always maintain growth, and there will be large market demand at the end of the year, especially the European market.
According to the Vietnam Cashew Association, the United States remains the largest export market of Vietnam's cashew kernels, with a volume of 149,000 tons, worth more than 880,600 million USD, accounting for nearly 30% of total export turnover. The European market accounts for more than 24% of Vietnam's cashew export turnover, and the Chinese market accounts for more than 14%.
Currently, two markets showing signs of increasing cashew nut imports from Vietnam are Germany and Taiwan. Specifically, according to the European statistics agency, Germany's cashew imports account for about 29% of the total volume and turnover of Europe.
The demand for cashew nut consumption in Germany is continuously increasing due to high demand from the food processing industry and the final consumer demand of the people. In terms of supply structure, Vietnam is still the number one source of cashew nuts in the German market, thanks to stable supply and guaranteed quality.
The prospect of Vietnam's cashew exports to the German market will be positive in 2022 thanks to the advantage of the Vietnam - Europe Free Trade Agreement (EVFTA). In addition, the increased demand for German cashew imports will have a positive impact on Vietnam's cashew industry.
As for the Taiwan market, Vietnam has been the largest cashew nut export partner to the Taiwan market for many years. Taiwan Customs recently posted a notice that it is amending the Customs Import Tariff. In particular, to synchronize with industry development policies, the import tax rate for dry, shelled cashews into Taiwan will be reduced to 10% instead of the current 16%.
Although Taiwan is not in the group of key export markets, the upcoming reduction of import tax on cashew nuts will encourage Vietnam's cashew exports to Taiwan to increase sharply in 2022 and the following years.
Source: The Ministry of Industry and Trade