W15 Cashew Update: Vietnam’s Exports Surged in Q1-2024 with US Emerging as Biggest Consumer; Recall Cases in the US

Published Apr 19, 2024

In W15 in the cashew landscape, Vietnam's cashew exports surged in Mar-24 by 106.8% in volume and 103.4% in value compared to Feb-24. The US and China remained the major export markets for Vietnamese cashews in Q1-2024, with China experiencing a significant increase in both volume and value. Moreover, the El Niño phenomenon in Cambodia may impact its raw cashew supply to Vietnam. In the US, Walmart recalled honey roasted cashews due to incorrect labels. Lastly, the US became the largest importer of Vietnamese cashews in the first three months of 2024, with an import value of USD 208 million.

Vietnam's Cashew Exports Surged in Mar-24

In Mar-24, Vietnam's cashew exports witnessed a remarkable surge. Compared to Feb-24, it increased by 106.8% in volume, reaching 55 thousand metric tons (mt). Its value also increased 103.4% to USD 289 million. However, the average export price decreased by 1.7% month-over-month (MoM) and 11.6% year-over-year (YoY) to USD 5,248/mt. In the first quarter of 2024, Vietnam's cashew exports reached 147 thousand mt, worth USD 782 million, rising by 31.8% in volume and 20.5% in value over the same period in 2023. The average export price in Q1-2024 was USD 5,329/ mt, down 8.6% YoY.

The major export markets for Vietnamese cashews are the United States (US) and China. In the first two months of 2024, China imported 8.41 thousand mt of cashew nuts from Vietnam worth USD 42.16 million, which increased by 9.7% in volume and 42% in value YoY. However, cashew production in Cambodia faces significant challenges due to the El Niño phenomenon, which may impact its ability to supply raw cashews to Vietnam.

Walmart Recalled Great Value Brand Cashews in the US Due to Undeclared Allergens

Walmart recalled Great Value brand cashews in 30 US states due to undeclared allergens. According to the Food and Drug Administration (FDA), the discovery was first reported by a consumer who found "coconut cashews within a container labeled as honey roasted cashews." . Upon investigation, it was confirmed that a "limited number" of plastic cans of coconut cashews were incorrectly labeled as honey-roasted cashews during manufacturing. So far, there have been no reports of any adverse reactions from consumers.

US Remained as Largest Consumer of Vietnamese Cashews in Q1-2024

In the first quarter of 2024, the US remained the largest market for Vietnamese cashews. According to the General Department of Vietnam Customs (GAVC), the country exported 39.14 thousand mt of cashews worth over USD 208 million to the US market in the first three months of 2024. In Mar-24, exports to the US reached 16.14 thousand mt, worth USD 86.8 million, marking a 23.3% YoY increase in volume and a 51.8% YoY increase in value. However, the average export price dropped by 9% YoY to USD 5,315/mt.