Throughout the reviewed period, Cambodia represented Vietnam's largest cashew nut supplier with an output of more than 815 thousand tons, worth more than US$1.06 billion, up 33% in volume and 27% in value on year.
Ivory Coast ranked second among suppliers with more than 547 thousand tons, valued at over US$ 678 million, down 30% in volume and 20% in value compared to the same period from last year.
Ghana was Vietnam's third largest cashew nut supplier with more than 264 thousand tons, worth more than US$ 301 million, up 12% in volume and 18% in value over last year’s corresponding period.
According to some international experts, cashew nut prices in both imports and exports have been fluctuating continuously since the beginning of the year, possibly due to supply chain disruptions that have led to an increasingly narrowing of growing areas.
Vietnam, the world’s largest cashew processor, is encountering a drop in raw cashew imports of more than 10% compared to the same period last year. Poor harvests in West Africa, the main source of raw cashews, have also exacerbated the shortage. High raw cashew prices and a lack of raw materials have pushed up the price of cashew kernels.
Additionally, demand is high in emerging markets, with countries like China and other parts of Asia seeing strong demand due to an expanding middle class and increasingly health-conscious consumers.
In addition, increased competition for available supply has pushed prices up.
Regarding the export situation, the first 9 months of 2024 saw the whole country export 581,130 tons of cashew nuts of all kinds with an export turnover of US$3.38 billion, an increase of nearly 28% in volume and 32.6% in value compared to the first 9 months from last year.
In 2024, Vietnam has set a target of achieving a record cashew export turnover of US$3.8 billion, about US$200 million higher than the level recorded in 2023.
