Vietnam imported 2.6 million tonnes of raw cashew nuts worth US$4.01 billion through the end of October, up 13.8% in volume and 38.1% in value year-on-year.

The average import price reached US$1,523 per tonne, a 21% increase, highlighting rising input costs. Cambodia remained the largest supplier, accounting for nearly 39%, followed by Côte d’Ivoire, Nigeria and Ghana.

Although the total value has yet to surpass the US$4.1 billion record set in 2021, this year’s import bill is still among the highest on record. The sharp rise reflects mounting cost pressures faced by Vietnamese processors, who depend on imported raw cashew for 80-90% of their production needs.

On the export side, shipments of cashew kernels in the ten-month period amounted to roughly US$4.25 billion, nearly matching the import value. The narrow margin underscores the thin profitability of the sector, where value creation largely stems from shelling, processing and packaging.

The Vietnam Cashew Association (VINACAS) said improving the trade balance will require expanding domestic raw material zones, promoting deeper processing (such as ready-to-eat, organic and premium packaged products) and developing a national brand for Vietnamese cashew.

Since mid-2024, prices of both raw cashew and kernels have rebounded in line with global commodity trends. Major buyers including the United States, China and India have increased purchases, pushing Vietnam’s kernel export prices to a two-year high. However, the price recovery has yet to fully offset higher input costs, leaving net profits at many enterprises still low.

US remains largest buyer of Vietnamese cashew nuts in 2024

VOV.VN - The United States spent nearly US$1.2 billion on purchasing nearly 192,200 tonnes of cashew nuts from Vietnam last year, up 21.3% in volume and 30.3% in value year on year, according to the General Department of Vietnam Customs.