Imported cashews: increasing in quantity while reducing in price

The change in volume and import turnover of cashew in 2018 and 2019. Sketched by T.Bình

According to the latest statistics of the General Department of Vietnam Customs, in the first 15 days of July, the whole country imported 121,984 tons of cashew, reaching a total turnover of nearly $133.5 million.

As a result, the cumulative import rate of cashew from the beginning of the year to July 15 reached 829,224 tons, worth nearly $1.16 billion.

Notably, although the import of cashew increased sharply compared to the same period in 2018, the import value reduced.

Specifically, after July 15, 2018, the whole country imported 613,127 tons of cashew with a total turnover of nearly $1.3 billion. Compared to the same period last year, the volume increased by 35.2% while the turnover was only 89.2%.

The increase and decrease in value caused the average import value of each ton of cashew nuts to drop sharply from USD 2,120 / ton last year to only USD 1,400 / ton in the first months of this year. Imported cashew are mainly raw cashew.

The decline in input materials is similar to the decline in the export value of cashew over the past months.

Specifically, by the end of July 15, the export of cashew was 214,953 tons, worth $1.622 billion. The average value is about $7,546/ton during the same period of 2018, the country only exported 187,980 tons of cashew but it gained $1.816 billion with an average value of about $9,660/ton.

Vietnam currently imports cashew mainly from markets such as the Ivory Coast, Cambodia and Nigeria.

Meanwhile the export market of cashew is quite diverse, focusing on the United States, China and the Netherlands with a turnover of $100 million/market or more (updated according to the market of the General Department of Vietnam Customs to June 2019).