In the first 10 months of this year, Cambodia has exported 650,000 tons of cashew nuts to Vietnam

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[INNEWS Comprehensive Report] In the first 10 months of this year, Cambodia exported 651,000 tons of raw cashew nuts to Vietnam, with a total value of US$831 million, a year-on-year decrease of 16.7%.

Uon Siloth, chairman of the Cambodian Cashew Association, pointed out that low international market prices and weather factors (heavy rainfall) have led some farmers to choose to cut down cashew trees and plant other crops, which is the main reason for the decline in cashew output. In addition, the price of cashew nuts in the international market in 2023 is generally low.

Except for Vietnam, less than 5% of cashew nuts are processed domestically, and less than 1% of cashew nuts are consumed and exported to India and China. Cashew nut products used for local handicraft processing are mainly exported to Japan, South Korea, China and some European countries, and are expected to reach 700 tons in 10 months in 2023.

The Royal Government of Cambodia officially announced the implementation of the “National Cashew Policy 2022-2027” on June 14, 2023. The policy aims to develop, produce, process and sell competitive cashew products, ensure sustainability and economic diversification, and establish Cambodia as a country that produces and exports cashew nuts, providing important services to local, regional and global markets. According to data from the Cambodia Cashew Association, Cambodia exported approximately 600,000 tons of cashew nuts in 2019, 950,000 tons in 2020, 1.1 million tons in 2021 (accounting for 24% of total global exports), and 76 tons in 2022.

Currently, the price of dry cashew nuts is about US$1,900 per ton, while the price of processed cashew nuts is about US$8,000 per ton. The Cambodian Ministry of Agriculture, Forestry and Fisheries stated that cashew nuts are an important cash crop that promotes national economic growth and are the third largest exporter of agricultural products after rice and cassava.