Vietnam exported $1.7 billion worth of cashew nut in the first 7 months of 2022. However, the number of cashew nuts exported will decrease in the coming months and may continue until the end of 2022.
Vietnam cashew export data overview
Vietnam cashew export volume in July 2022 45,000 tons, and export volume was US$260 million. Export volume fell by 17.5% year-on-year, and export volume fell by 26.1% year-on-year.
2022 In the first 7 months of 2022, Vietnam's cashew export volume was 294,000 tons and export volume was US$1.76 billion. export volume decreased by 10.5% year-on-year, and export volume decreased by 12.1% year-on-year.
According to data from the General Administration of Customs of Vietnam, Vietnam's cashew exports in the first half of 2022 were 249,400 tons, with an export volume of US$1.5 billion. Export volume decreased by 9.1% year-on-year, and export volume decreased by 9.2% year-on-year.
Source: Vietnam News Agency
2022 In the first 6 months of the year, Vietnam mainly exported cashews to the United States, China and Dutch , and exports to these markets accounted for 53.7% of Vietnam's total cashew exports . Compared with the same period in 2021, the export volume to the above three markets decreased. Among them, the export volume of to China decreased by 27.1% year-on-year, and the export volume decreased by 37.9% year-on-year. Exports to the United States decreased by 8.7% year-on-year, while exports decreased by 4.9% year-on-year. The export volume and export volume to the Netherlands are currently unknown.
As the saying goes: if you block one end, you have to open the other end. Vietnamese cashews exported to China, the United States and the Netherlands have all decreased, and the UAE has taken over the banner of importing Vietnamese cashews. 2022 The first six months of 2022 Vietnam's cashew exports to the UAE increased significantly - export volume increased by 45.6% year-on-year, and export volume increased by 57.7% year-on-year!
Difficulties facing Vietnam's cashew exports
So far, Vietnam's cashew exports have exceeded US$1.7 billion. However, factors such as the Russian-Ukrainian conflict and global inflation will affect exports at the end of 2022, and China's continued "zero epidemic" policy will bring many challenges to Vietnam's cashew exports to China. In addition to war and economic factors, another problem facing Vietnam's cashew industry is the price of cashew ingredients.
According to the data of the Vietnam Cashew Nut Association, In the first five months of 2022, the import volume of cashew nuts for cashew enterprises decreased by 35.24% year-on-year, and the import volume decreased by 37.84% year-on-year. However, the price of raw cashew nuts imported from Africa rose by 15% - 20% year-on-year.
Source: Vietnam News Agency
Vietnam cashew nut company said that the rising prices of cashew raw materials, coupled with the rising oil prices and transportation prices, have brought them considerable difficulties. As cashew export prices remain unchanged or even declined, several small cashew producers in Vietnam have been shut down to avoid losses. Larger factories must moderately reduce the capacity of . If the normal processing scale is maintained, it will bring more economic losses.
Taking into account the above issues, Vietnamese economic experts said that cashew nut exports are expected to decrease again in the next few months, and this situation may continue until the end of 2022!
Due to factors such as the epidemic, logistics blockage, and large out of stocks of empty boxes, the transportation of raw cashews imported from Africa to Vietnam has been delayed, and some of them have been stored for too long, resulting in a decline in the quality of cashews.
Good news for Vietnamese cashews
Although unfavorable factors are inevitable, there is also good news - According to the Vietnam Foreign Trade Agency's assessment, it is expected that the global cashew market will grow at an average rate of 4.8% between 2022 and 2027. This trend will benefit the growth of consumption trends in vegetarian and plant-based diets, especially people's pursuit of alternative protein sources, resulting in an increase in demand for nuts and nuts.
2022-2027 Cashew nut growth trend in Vietnam Picture source: Mordor Intelligence
The most direct example at the moment is in Europe. Consumers' health awareness has begun to increase significantly after experiencing the new crown epidemic, and people's demand for high-quality plant protein has increased significantly. Currently, cashew consumption in Europe is increasing, and cashews are even used as ingredients for dishes and snacks in Europe.
Source:
Vietnam Ministry of Agriculture
Vietnam cashew association
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