Rivals increase rapidly, warning of Vietnam's world top 1 strength

Published 2024년 11월 15일

Tridge summary

Vietnam's cashew nut industry is on track to hit a record 4 billion USD in exports this year, with a 17.9% increase in volume and a 21.4% increase in value compared to the previous year. However, the industry faces potential risks as its main source of raw materials, Cambodia, is rapidly developing its cashew cultivation and processing capabilities. Cambodia is becoming a direct competitor as it plans to become the largest cashew nut producer in the world within the next five to six years, which could reduce its raw cashew nut exports to Vietnam. Africa is also increasing its processing of cashew nuts, which could lead to a raw material shortage for Vietnam's industry. The Vietnam Cashew Association warns of the industry's potential risk of fading away due to these developments.

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Original content

Vietnam's cashew nuts are forecast to set a record of 4 billion USD in exports this year. However, alarms have also been raised for this industry as the largest source of raw materials, Cambodia, is developing rapidly. Preliminary statistics from the General Department of Customs show that in the first 10 months of this year, Vietnam exported more than 609,000 tons of cashew nuts, reaching a turnover of nearly 3.58 billion USD. Compared to the same period last year, cashew exports increased by 17.9% in volume and 21.4% in value. The average export price of cashew nuts in the past 10 months reached 5,867 USD/ton, up 2.9% over the same period last year. Vietnam's cashew industry continues to maintain its position as the world's No. 1 cashew nut exporter for nearly two decades. It is forecasted that our country's cashew exports will set a historical record this year, earning 4 billion USD. However, this strength of our country is heavily dependent on imported raw materials. ...

Source: 24h newspaper