Cashew nut exports enjoy surge in volume throughout Q1

Vietnam exported 108,000 tonnes of cashew nuts worth a total of US$634 million during the first quarter of the year, representing an increase of 13.2% in volume and a decline of 5.8% in value compared to the same period from the previous year, according to the General Department of Vietnam Customs.

March alone witnessed the country ship 41,000 tonnes of cashew nuts worth US$240 million abroad, up 86.5% in volume and up 88.2% in value compared to February.

The average export price of cashew nuts in March recorded an increase of 0.9% to US$5,854 per tonne compared to February, a drop of 16.9% compared to March 2020.

During the three-month period, the average export price of cashew nuts suffered a decrease of 16.8% to US$5,862 per tonne, an annual fall of 16.8% against the same period from last year.

Local cashew nut exports to the United States, China, the Netherlands, Canada, and Germany all witnessed a upward trajectory, according to the General Department of Vietnam Custom.

The Import and Export Department says the global demand for cashew nuts reached a figure of US$9.94 billion in 2018 and is expected to reach US$13.48 billion by 2024, with the average growth rate hitting 5.2% annually between 2018 and 2024.