Cashew Nut Exports Reach Record $4.37 Billion, US as the Largest Market

Vietnam's cashew nut export turnover reached a historic $4.37 billion in 2024, a significant 20.2% increase compared to 2023. This achievement marks the first time exports surpassed the $4 billion threshold. The United States emerged as the largest market, importing over $1 billion worth of cashew nuts, a remarkable 31.6% increase from 2023. This sustained growth reinforces Vietnam's 18-year reign as the world's leading cashew nut exporter, supplying over 80% of the global market. In 2024, Vietnam exported 730,000 tons of processed cashew kernels at an average price of $6,003 per ton, a 6.1% increase compared to the previous year. While the industry aimed to reach $4 billion in exports by 2020, this milestone was finally achieved in 2024. The US market's robust growth, coupled with increased demand from Asia and Europe, contributed significantly to this success. Vietnam's cashew processing capacity of approximately 2 million tons per year, combined with the increasing global demand for healthy snacks, positions the industry for continued growth in the coming years.