In W43 in the cashew landscape, cashew exports from Vietnam have experienced a significant increase in the first nine months of 2023. This surge has contributed to Vietnam's agricultural success, along with rice and coffee exports. Cashew exports reached nearly 421 thousand tons, with a turnover exceeding USD 2.4 billion. Factors such as increased demand, improved processing techniques, and supply growth have driven this growth. The cashew sector is focused on maintaining quality and addressing issues such as pesticide residues to protect its reputation and sustain export momentum.
Furthermore, the Vietnamese cashew industry faces challenges as importers express concerns about the quality of exported cashew nuts, which could impact its reputation. While the industry has witnessed high growth in export volume, the export value has decreased due to lower prices. Quality issues are one of the leading causes of reduced cashew kernel prices, with customers complaining about live worms, pesticide residues, and strange impurities in the exported products. Quality control has become lax due to the peak rainy season and increased production demands, contributing to these issues. Local authorities, along with businesses and industry associations, need to intervene to maintain the reputation and position of Vietnam's cashew industry in the global market. This involves stricter inspection, quality control, and food safety measures in cashew processing factories. Failure to address these concerns promptly could damage the industry's reputation for years to come.
Lastly, China significantly increased its purchase of Vietnamese cashew nuts in Sep-23, doubling its spending compared to Sep-22. Vietnamese cashew nut exports saw a substantial rise in volume and value, with approximately 56.8 thousand tons exported, earning USD 310 million, marking a 47.6% increase in volume and a 31.8% increase in value compared to 2022. Cashew exports to all major markets experienced significant growth in Sep-23, with China surpassing the United States (US) as the largest customer of Vietnamese cashew nuts. Vietnam's cashew exports are forecasted to grow in all markets, with dynamic export activities expected in the last months of 2023 due to increased holiday demand for cashew nuts.