Vietnam exported 468,000 tonnes of cashew nuts worth US$2.94 billion during the opening 11 months of the year, representing an increase of 13.2% in volume and a decline of 1.8% in value in comparison with the same period from last year, according to the Agro Processing and Market Development Authority (Agrotrade).

The United States, the Netherlands, and China remained the three largest consumers of Vietnamese cashew nuts during the initial ten months of the year, accounting for a market share of 32.3%, 14.5%, and 12.6%, respectively.

Most notably, the average export price of cashew nuts throughout the reviewed period endured a decrease of 13.3% to US$6,290 per tonne against the same period from last year.

According to experts, the shortage of supply for raw cashew nuts in the global market has created opportunities for speculators, with next year expected to become a competitive period for both raw cashew and cashew nuts.

Furthermore, the Agrotrade forecasts that Vietnamese cashew nut exports over the remaining months of the year will continue to rise due to high demand coming from major importers, such as the US, India, the EU, and China.

Moreover, the price of cashew nuts is poised to witness an increase due to the limited supply source of cashew nuts nationwide while the buying price of raw cashew remains high. Experts believe that processors have been advised to be cautious with regard to importing raw cashew in the near future.

Following the enforcement of the EU-Vietnam Free Trade Agreement (EVFTA) in August 1, cashew nuts are expected to enjoy a preferential tariff of 0% compared to the previous rates of between 7% and 12%, which is expected to serve to boost cashew exports moving forward.