Vietnam is currently the largest cashew exporter in the world
The “Vietnam Cashew Comprehensive Report Q4/2019” report has been added to ResearchAndMarkets.com’s offering. Vietnam is currently the largest exporter of cashew nuts in the world with the export volume accounting for 55% of the global production in 2018.
VIETNAM CASHEW MARKET
Cashew is grown mainly in India, Ivory Coast, Brazil and Vietnam. The raw cashew production volume continued to increase with a CARG of 3% during the crop 2009/2010 – 2018/2019. In the 2018/2019 crop, Vietnam was the world’s largest raw cashew producer, accounting for 22.32% of the world raw cashew production.
Vietnam is currently the largest exporter of cashew nuts in the world with the export volume accounting for 55% of the global production in 2018. Despite being the world’s largest cashew exporter, Vietnam Cashew industry is still facing many challenges, the domestic production only meets about one-third of the demand of export processing enterprises.
Vietnam cashew exports continued to hold the leading position in the world, accounting for 50% of the processed raw cashew volume and over 60% of the cashew nuts exported globally.
The prospect of Vietnam’s cashew industry still has many growth opportunities in the coming years due to the increasing demand for nuts and dried fruits to protect the health of consumers in the world. Many businesses are actively researching to bring to the market many traditional dishes and cakes that use raw materials as cashew kernels.
In late July, Vietnam’s multi-industry company T&T Group has inked a deal with Tanzania’s Grain and Other Products Association to obtain 176,000 tonnes out of 210,000 tonnes of raw cashews from the 2018 harvest, which were brought from farmers for reserve purposes.
Previously, Tanzanian had made numerous attempts to find buyers for its stockpile of cashew nuts in India, Singapore, China and Kenya, but failed to agree on a price. T&T Group has succeeded with the transaction, with the first shipments projected to arrive in Vietnam in September.
This deal has marked the largest of its kind worldwide, affecting not only Tanzania’s takings from export of cashew nuts but also importers around the globe.
In the first seven months of 2019, Vietnam has shipped 240,000 tonnes of cashews overseas, with an export turnover worth of about $1.8 billion. As the price of the nut was on the wane at the time, the average price of over $7,500 per tonne was not too ideal for local exporters.
Thanks to the historic deal, coupled with the escalating trade tensions between the US and China, the price of cashew kernels has picked up its momentum lately. Exports of the nut to the Chinese market in the past few months, in particular, have increased by 50 per cent on-year, according to local statistics. This promising prospect has resulted from the fact that China has switched its import of almonds from the US to importing cashew nuts from Vietnam.
For years, Vietnam has been importing raw cashew nuts and re-exporting them to other markets. The sector has depended largely on the international cashew suppliers, in terms of both prices and volumes, which subsequently affecting its production and delivery of the final products to third markets.
In 2018, most businesses in the industry had positive growth in net revenue and the average net revenue growth rate of the whole industry reached 0.57% due to the remarkable growth of cashew exports in 2018, the record cashew processing production as well as the stability of the market and the rise of export prices.
Appendix – Financial StatementFor more information about this report visit https://www.researchandmarkets.com/r/pavm7q
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