A worker inspecting the classification of processed cashew nuts at Hoàng Sơn 1 JSC in Bình Phước Province. — VNA/VNS Photo

HÀ NỘI — Việt Nam’s cashew exports to the United Kingdom showed a remarkable performance in October 2024 and the first ten months of the year.

According to the General Department of Customs, Việt Nam exported over 1,616 tonnes of cashews to the UK in October, valued at US$8.7 million. While export volume declined by 6.8 per cent, compared to the previous month, the value increased by 3.8 per cent, signalling higher export prices and sustained demand.

Cumulatively, the first ten months of 2024 saw Việt Nam exporting 17,032 tonnes of cashews to the UK, worth over $87.3 million, an increase of 9.6 per cent in volume and 9.9 per cent in value compared to the same period in 2023. 

The growth in Vietnamese cashew exports is attributed to the preferential tariff basis under the UK-Việt Nam Free Trade Agreement (UKVFTA).

In the first ten months of 2024, total Vietnamese cashew exports surged by 18.7 per cent in volume and 22.1 per cent in value compared to the same period in 2023, reaching 613,500 tonnes valued at $3.6 billion.

This has sustained Việt Nam's global lead in processed cashew exports for years, showcasing the industry's international reputation.

The Ministry of Agriculture and Rural Development notes that cashew export values have already equalled the entirety of 2023, maintaining Việt Nam's top spot in the global processed cashew export market for almost two decades.

The average export price of Vietnamese cashews during this period was estimated at $5,867 per tonne, a 2.9 per cent rise from the previous year. 

Việt Nam has retained its position as the world’s top exporter of processed cashews for nearly two decades, demonstrating its dominance in the global market. 

In recent years, the country’s cashew export value experienced fluctuations, peaking at $3.63 billion in 2021 before declining to $3.08 billion in 2022. However, exports rebounded strongly in 2023, reaching $3.6 billion, and are on track to achieve a record-breaking $4.3–$4.5 billion in 2024.

Despite its export leadership, Việt Nam imports around 90 per cent of its raw cashew materials, primarily from Africa and Cambodia, due to insufficient domestic supply.

In the first ten months of 2024, Việt Nam imported 2.32 million tonnes of raw cashews worth $2.92 billion, down 7.9 per cent in volume and 0.5 per cent in value year-on-year. The average import price rose by 8.1 per cent, reaching $1,256 per tonne.

The reliance on imported raw materials has exposed the country’s cashew industry to supply chain vulnerabilities.

This underscores the urgent need for investment in domestic raw cashew production and improved value-chain integration to ensure long-term sustainability and competitiveness. — VNS