Vietnam dominates global cashew exports, controlling roughly 80 percent of world cashew kernel shipments, yet the country spent nearly $943 million importing raw cashews in April alone, more than double what it earned from exports in the same month.
The record monthly import figure, covering approximately 543,100 tonnes of raw nuts, reflects a structural reality at the heart of Vietnam’s cashew industry: the country has built its global position on processing, not growing. Domestic production covers only a fraction of factory demand, making imported raw material the backbone of the entire export business. Vietnamese companies shell, roast and process raw nuts sourced abroad, then re-export the finished product to the United States, Europe and the Middle East.
Demand for imported raw nuts has grown steadily as domestic cashew cultivation shrinks. Farmers have shifted toward more profitable crops, while aging orchards and low yields have further eroded local supply. In the first four months of 2026, Vietnam imported 1.3 million tonnes of raw cashews worth $2.2 billion, up 23 percent in volume and 32 percent in value year on year, with average import prices rising 7.6 percent to around $1,704 per tonne.
Cambodia is the largest supplier, accounting for 51.7 percent of import value, followed by Tanzania at 19.9 percent and Ivory Coast at 11.9 percent. Imports from Ivory Coast and Nigeria surged 5.4 times and 4.2 times respectively compared to a year earlier, as the April peak procurement season drew in supply from across Africa.
Cashew exports, by contrast, are losing momentum. Vietnam shipped 186,600 tonnes in the first four months of the year, earning $1.3 billion, down 4.6 percent in volume and 3 percent in value compared to the same period in 2025. Cashews have become Vietnam’s largest agricultural import by value so far in 2026, a telling measure of how dependent the world’s top cashew exporter has become on foreign harvests to keep its processing lines running.
