Vietnamese cashew nuts increase market share in US
Despite the cashew industry facing stiff competition from the Ivory Coast and Nigeria, Vietnam's cashew nut market share in the United States' total imports rose slightly from 89.08% in the initial seven months last year to 89.26% this year, according to the Ministry of Industry and Trade.
This figure therefore indicates that the Vietnamese cashew industry has successfully retained its leading position as one of the largest suppliers of cashew nuts to the US thanks to its stable supply sources and high quality.
Cashew nut exports during the opening nine months of the year are estimated to have reached 425,000 tonnes worth US$2.65 billion, thereby representing a rise of 16.6% in volume and 14.9% in value compared to the same period from last year.
The average export price of cashew nuts throughout the reviewed period dropped by 1.5% on-year to fall to US$6,237 per tonne.
According to statistics compiled by the US International Trade Commission, the US imported approximately 97,620 tonnes of cashew nuts worth US$615.68 million during the seven-month period, marking an increase of 0.5% in volume and a drop of 6.1% in value.
Specifically, the US imported 87,130 tonnes of cashew nuts worth US$545.88 million from the Vietnamese market, up only 0.7% in volume, although representing a drop of 6.4% in value compared to last year’s corresponding period.
Furthermore, strict social distancing measures and high fright costs caused by the fourth pandemic wave have exerted a negative impact on Vietnamese cashew exports to the US, according to a representative from the Import-Export Department under the Ministry of Industry and Trade.
Moving forward, the Import-Export Department forecasts that cashew nut exports will increase in the near future as the fourth quarter can be considered the peak season for cashew nut consumption in major markets such as the US, Europe, and China.
Moreover, social distancing measures have been gradually eased, a factor which has contributed to making production and transportation activities more convenient.
