Vietnam spent more than 3 billion USD to import one type of agricultural product

Published May 23, 2024

Tridge summary

In 2023, Vietnam is projected to import 2.77 million tons of cashew nuts, valued at 3.19 billion USD, marking a 46.2% increase in volume and a 19.6% increase in value from 2022. The majority of these imports will be unshelled fresh cashews from countries like Ivory Coast and Cambodia, which together contribute to 54.7% of the total import value. Meanwhile, Vietnam's cashew exports are expected to rise to 644 thousand tons, valued at 3.64 billion USD. However, the dependence on imported raw materials has led to a trade deficit, with domestic resources only meeting 12% of the industry's needs. The Vietnam Cashew Association is proposing collaborations with Cambodia and Southern Laos to address this issue by developing cashew raw material areas and importing raw cashews for processing.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Source: According to a report just updated by the Ministry of Industry and Trade citing statistics from the General Department of Customs, in 2023, Vietnam will import about 2.77 million tons of cashew nuts, with an import turnover of about 3.19 billion USD. Compared to 2022, cashew imports will increase by 46.2% in volume and 19.6% in value. The cashew processing industry is heavily dependent on imported raw materials. In 2023, unshelled fresh cashews will continue to account for a large proportion of Vietnam's cashew import structure. Unshelled fresh cashews account for 96% of total imports, the remaining shelled fresh cashews account for 4%. The 5 largest markets supplying cashew nuts to Vietnam include: Ivory Coast, Cambodia, Nigeria, Ghana and Tanzania. Of which, cashew nuts imported from Ivory Coast and Cambodia account for 54.7% of the total import value of the entire cashew industry in 2023. Meanwhile, Vietnam's cashew exports in 2023 will reach 644 thousand ...
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