After nearly two years of silence, in May 2023, cashew nut exports increased by 11.7% in volume and 11.4% in value, reaching the highest level since July 2021. However, in June 2023, cashew nut exports only increased slightly in volume of 2.9%, down 0.4% in value. So is cashew nut exports really flourishing?
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Cashew nut exports prosper in key and potential markets
Citing statistics from the General Department of Customs, Import-Export Department - Ministry of Industry and Trade, said that in June 2023, cashew nut exports reached 59.12 thousand tons, worth over 339 million USD, an increase of 2 .9% in volume, but down 0.4% in value over the previous month, up 27.2% in volume and 19% in value compared to June 2022. In June 2023, the average export price of cashew nuts reached USD 5,735/ton, down 3.3% compared to May 2023 and down 6.5% compared to June 2022.
Although the volume and export turnover of cashew nuts in the month was not really positive, in general, in the first half of this year, cashew nut exports reached nearly 279.43 thousand tons, worth 1.63 billion USD, up 11. 9% in volume and 8.8% in value over the same period last year. At this time, the average export price of cashew nuts reached $5,853/ton, down 2.7% over the same period in 2022.
According to the Import-Export Department, in June 2023, cashew nut exports to many key markets have the potential to increase compared to the same period in 2022. Notably, cashew nut exports to a number of markets recorded a growth rate. high, including: the United States, China, the United Arab Emirates, Saudi Arabia, Australia, Canada, Japan ... However, when calculating the first half of 2023, cashew exports to markets The US, the Netherlands, Germany, Australia... decreased, while exports to China, the UK, the United Arab Emirates, Saudi Arabia, Canada, and Japan increased over the same period last year.
Specifically, in June 2023, cashew nut exports to the US main market reached 16,387 tons, worth nearly $94 million, up 38.72% in volume and 31.58% in volume compared to June 2022. turnover. In general, in the first half of this year, cashew nut exports to the US market reached 74,449 tons, with a turnover of 432.194 million USD, compared with the first half of last year, down 2.32% in volume and down nearly 2% in value.
Since China reopened, cashew nut exports to this second largest export market have really prospered. Accordingly, in June 2023, cashew nut exports to China reached 10,079 tons, worth more than 60,481 million USD, compared to June 2022, up 23.1% in volume and 24.41% in turnover. Generally, in the first half of this year, cashew nut exports to China reached 40,196 tons, worth US$259 million, up 41.09% in volume and 43.17% in value over the same period last year.
Mr. Ta Quang Huyen, Member of Standing Committee of Vietnam Cashew Association (Vinacas), Director of Hoang Son 1 Company, said that fearing the epidemic, Vietnam would not be able to export cashew nuts, so there would be no sales in 2021. , importers buy more than usual leading to large inventories. Through 2022, importers reduce their imports because they are waiting to consume all the stock in the warehouse, this situation has lasted until now when the inventory is exhausted, they start to increase their purchases again.
Vietnam is still the number 1 market supplying cashew nuts to the US
From the beginning of the year until now, the Chinese market has still consumed Vietnamese cashews well, while the US market, in the first half of this year, customs data shows that they have reduced imports but in fact did not decrease. Because many years ago, Vietnam exported white cashews to the United States reaching 12,000 tons/month, but now only Olam Company exports to this market nearly 3,000 tons/month, and previously they exported white cashews, now export roasted cashew nuts, while the number of roasted cashew nuts has no statistics. Therefore, the amount of cashew exports to the US increased but did not show up in the reported data. On the other hand, Olam Company exports cashews to the United States sometimes under the name of Olam Vietnam, sometimes Olam Singapore, which also reduces the statistics.
Forecasting, the situation of the cashew market in the second half of 2023, Mr. Huyen said that the United States, China, Japan, South Korea and some countries in Europe, ... will increase buying again, how much increase cannot be predicted. yes, but will certainly increase more than the first 2 quarters of the year.
And there are two factors that show that the demand for cashew nuts in the last two quarters of the year increases, especially in the fourth quarter, because the amount of cashew reserves in other countries has been exhausted, so they need to buy new to consume, this is the main factor. On the other hand, in the fourth quarter with many festivals and Tet, the demand for cashews increases sharply, importers will increase buying to sell.
Sharing views with a representative of Vinacas, a cashew exporter, said that in June 2023, although both major markets, the United States and China, grew strongly in volume and turnover, when accumulated In the first half of the year, the US decreased slightly in volume and turnover, only the Chinese market maintained a good growth momentum. It is forecasted that when in the holiday season, at the end of the year, cashew nut exports will grow well in both these markets.
Citing statistics from the International Trade Center (ITC), the Import-Export Department said that the US imports cashew nuts from 20 countries and territories around the world. The main sources of cashew nuts for the US include: Vietnam, Ivory Coast, Brazil ...
In the first 4 months of 2023, US cashew imports reached 40.29 thousand tons, worth $240.98 million, down 18.6% in volume and 29.5% in value over the same period last year. last.
During this period, Vietnam was the largest source of cashew nuts for the United States with 34.73 thousand tons, worth 205.9 million USD, down 20.8% in volume and 31.7% in value compared to that of the US. same period last year.
“Vietnam's cashew nut market share in total US imports decreased from 88.58% in the first four months of 2022 to 86.22% in the first four months of 2023. In contrast, the United States increased its nut imports. Cashew nuts from the markets of Ivory Coast, Brazil... Thus, it can be seen that the supply of cashew nuts for the United States has shifted from Vietnam to the markets of South Africa. However, Vietnam is still the most important source of cashew nuts for the US", said a representative of the Import-Export Department.
Nguyen Huyen
Source: Business Life / Bizlive
