Vietnam's cashew nut imports skyrocketed, the unusual period recurs

Published Mar 14, 2023

Tridge summary

Vietnam has seen a significant increase in raw cashew nut imports in the first two months of 2023, with a trade deficit due to the high import value and low export value. The majority of these imports were from Cambodia, which accounted for nearly 48% of Vietnam's total cashew imports. The Vietnam Cashew Association has proposed adjusting the export target for 2023 due to industry challenges and decreased global cashew consumption. The association has also suggested long-term planning for cashew cultivation areas to the Ministry of Agriculture and Rural Development, with a focus on potential expansion in Cambodia and Southern Laos.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Preliminary statistics from the General Department of Customs show that, in the first two months of this year, Vietnam imported 272 thousand tons of raw cashew nuts, with a value of more than 360 million USD, up 78.2% in volume and up 52.2 % in value over the same period in 2022. In which, Cambodia continues to be the largest cashew market for Vietnam. In the past two months, the value of cashew imports from this country was estimated at nearly 130 million USD, up 75.6% over the same period last year. For the whole year of 2022, Vietnam accounted for 98.5% of Cambodia's cashew exports, equivalent to 660,000 tons, worth more than 1 billion USD. In the opposite direction, cashew exports in the first 2 months of the year only reached 353 million USD, down 7.4% over the same period last year. Thus, in 2 months, the cashew industry has a trade deficit of nearly 7 million USD after the whole year of 2022, the trade surplus is nearly 400 million USD. In 2021, Vietnam imports raw cashews ...

Source: Vietstock