The Vietnam cashew market maintained a high level of activity in May, with kernel exports reaching their highest monthly volume of 2026, export turnover set a new annual high and the average export price continued to increase.

The WW320 benchmark also moved higher for the first time since January. China strengthened its position as Vietnam’s largest monthly destination, while shipments to the United States remained well ahead of last year.

The import side showed a different monthly pattern. Raw cashew nut arrivals dropped sharply from April’s exceptional peak, although cumulative imports remained comfortably above the same period in 2025. Cambodia continued to dominate Vietnam’s raw material supply, while Nigeria and Ghana became much more prominent in the May origin mix.

Taken together, the May figures show that the Vietnam cashew market maintained its export momentum, while kernel values firmed and monthly raw material inflows pulled back sharply.

Kernel Exports Reach a New 2026 High

Vietnam exported 80,870 metric tons of semi-processed cashew kernels in May, the highest monthly volume recorded so far in 2026.

This was approximately 4.8% above April’s 77,136 tons. Compared with May 2025, however, export volume was 2.6% lower.

Export turnover reached USD 574.4 million, an increase of 1.7% year-on-year and approximately 5.5% above April. May therefore established a new monthly high in both export volume and turnover for 2026.

The average export price reached USD 7,103 per ton. This was 4.4% above May 2025 and slightly higher than April’s USD 7,061 per ton.

The difference between the year-on-year changes in volume and value is notable. Vietnam exported slightly fewer kernels than in May 2025 but generated more export turnover because of the higher average price.

Across January to May, Vietnam exported 297,872 tons of kernels worth USD 2.073 billion. Cumulative volume was 5.3% higher than during the same period in 2025, while export value increased by 7.5%.

The average export price for the first five months reached USD 6,914 per ton, up 1.2% year-on-year.

By the end of May, Vietnam had completed 37.2% of VINACAS’s annual export volume plan of 800,000 tons and 41.5% of the USD 5 billion export value plan. The realised average export price stood at 110.6% of the annual planning assumption of USD 6,250 per ton.

WW320 Reverses Four Months of Decline

The WW320 FOB Vietnam benchmark recovered in May after declining in each of the previous four months.

VINACAS reported a May price range of USD 3.06 to USD 4.05 per pound. The average of the reported high and low prices was USD 3.56/lb.

The monthly sequence for 2026 now reads:

January: USD 3.67/lb
February: USD 3.51/lb
March: USD 3.47/lb
April: USD 3.42/lb
May: USD 3.56/lb

May’s average was approximately 4.1% above April and 0.2% higher than in May 2025. It remained 3.9% below the comparable Indian benchmark used by VINACAS.

Across the full January–May reporting period, the WW320 average was USD 3.52/lb. This was 1.3% higher than during the same period in 2025 but 7.2% below the Indian comparison.

The difference between the highest and lowest reported May price was USD 0.99/lb. VINACAS notes that this spread excludes several special transaction categories, including organic WW320, bonded-warehouse transactions, processing arrangements and certain related-party or special-market sales. The highest reported price may also represent a transaction that is not representative of the wider market.

China Extends Its Lead

China remained Vietnam’s largest individual kernel export destination in May.

Vietnam shipped 24,285 tons to China, worth USD 174.4 million. This represented 30.0% of total monthly kernel export volume.

Chinese purchases increased by 11.4% year-on-year, while the value of those shipments rose by 26.4%. The average export price to China reached USD 7,183 per ton, 13.5% above May 2025.

China’s May volume was also approximately 24% higher than in April, when it imported 19,540 tons.

Across January to May, Vietnam exported 57,037 tons to China, almost unchanged from the same period last year at an increase of just 0.1%. Export value, however, increased by 13.9% to USD 406.3 million.

The cumulative average export price to China reached USD 7,123 per ton, 14.3% above the same period in 2025. China accounted for 19.2% of Vietnam’s total kernel exports during the first five months.

U.S. Demand Remains Strong

The United States ranked second in May, importing 12,134 tons worth USD 84.9 million.

Monthly volume increased by 9.5% year-on-year, while export value rose by 13.1%. The average export price reached USD 6,999 per ton, up 3.3% from May 2025.

Across January to May, shipments to the United States totaled 50,644 tons, an increase of 24.6% year-on-year. Export value rose by 26.9% to USD 346.8 million.

The United States accounted for 17.0% of Vietnam’s cumulative kernel export volume.

The broader EU-and-other-markets category absorbed 44,452 tons in May, down 11.3% year-on-year. Export value declined by 10.4% to USD 315.0 million, while the average export price increased by 1.0% to USD 7,087 per ton.

Across January to May, the EU-and-other-markets category received 190,191 tons, up 2.7% year-on-year. The category remained Vietnam’s largest destination block, accounting for 63.9% of cumulative exports.

After China and the United States, the largest individual May destinations by volume were Singapore, the unidentified destination category, the Netherlands and Turkey. VINACAS states that the unidentified category mainly consists of shipments without a declared final destination, including goods sent to bonded warehouses.

Vietnam exported kernels to 84 markets in May, while 366 companies participated in kernel exports during the month.

RCN Imports Pull Back From the April Peak

Vietnam imported 229,415 tons of raw cashew nuts in May, worth USD 372.4 million.

This was a major reduction from April, when imports reached 543,688 tons worth USD 918.6 million. Month-on-month RCN volume fell by approximately 57.8%, while import value declined by 59.5%.

Compared with May 2025, import volume was down 21.1% and value was down 15.3%.

The average May import price reached USD 1,623 per ton. This was lower than April’s USD 1,690 per ton but 7.3% above the average recorded in May 2025.

Despite the May decline, cumulative RCN imports remained ahead of last year. Vietnam imported 1.583 million tons between January and May, up 15.4% year-on-year.

Cumulative import value reached USD 2.605 billion, an increase of 21.9%. The average price for the first five months was USD 1,619 per ton, up 1.2% from the same period in 2025.

Vietnam had completed 49.5% of VINACAS’s annual RCN import volume plan of 3.2 million tons by the end of May. Import expenditure had already reached 62.6% of the USD 4.16 billion annual plan.

The cumulative average import price stood at 124.5% of VINACAS’s annual planning assumption of USD 1,300 per ton.

Cambodia Remains the Dominant RCN Origin

Cambodia supplied 148,549 tons of RCN to Vietnam in May, equal to 64.75% of total monthly imports.

This was substantially below April’s exceptional 469,733 tons, but still 18.0% higher than in May 2025. The value of Cambodian shipments rose by 32.4% year-on-year to USD 252.6 million.

Nigeria ranked second in May with 28,388 tons, representing 12.37% of total RCN imports. Ghana followed with 22,934 tons, or 10.0%.

Côte d’Ivoire supplied 11,241 tons, equal to 4.9% of monthly imports. Tanzania contributed 4,888 tons, followed by Guinea, Burkina Faso, Mozambique and Guinea-Bissau.

Across January to May, Cambodia supplied 979,729 tons. This represented 61.9% of Vietnam’s cumulative RCN imports.

Cambodian volume was 9.7% higher than during the same period in 2025, while import value increased by 25.3% to USD 1.700 billion.

Côte d’Ivoire supplied 142,610 tons during the first five months, accounting for 9.0% of cumulative imports. Its volume was 165.5% above the same period in 2025, largely reflecting the much higher shipments recorded during the opening months of the year.

All other origins combined supplied 460,848 tons between January and May, equal to 29.1% of total RCN imports. Their cumulative volume increased by 8.4% year-on-year.

VINACAS also reiterates that the usable yield of Cambodian raw material depends heavily on moisture content. Cargoes with moisture levels between 10% and 15% may require approximately 5.0–5.3 kilograms of RCN for one kilogram of exported kernels. Fresh material with moisture between 16% and 30% may require approximately 6.5 kilograms.

Import Prices Continue to Differ by Origin

Cambodian RCN remained the highest-priced of VINACAS’s three main origin categories in May.

The average Cambodian import price was USD 1,701 per ton, 12.2% above May 2025.

RCN from Côte d’Ivoire averaged USD 1,296 per ton, down 13.5% year-on-year. The grouped other-origins category averaged USD 1,510 per ton, almost unchanged from last year at a decline of 0.2%.

Vietnam’s weighted average across all origins was USD 1,623 per ton.

The cumulative January–May differences were similarly pronounced. Cambodian RCN averaged USD 1,735 per ton, up 10.0% year-on-year. Côte d’Ivoire averaged USD 1,315 per ton, up 3.4%, while other origins averaged USD 1,559 per ton, down 5.9%.

The composition of Vietnam’s imports therefore continued to influence the overall average. Cambodia accounted for almost two-thirds of both monthly and cumulative RCN volume and traded at a clear premium to the other reported origin categories.

What May Means for the Vietnam Cashew Market

May extended Vietnam’s export momentum.

Kernel exports reached a new monthly high of 80,870 tons, export turnover climbed to USD 574.4 million and the average export price rose to USD 7,103 per ton. WW320 recovered to USD 3.56/lb after four consecutive monthly declines.

China remained the largest individual destination and increased both volume and value significantly compared with May 2025. The United States continued to record strong cumulative growth, while the wider EU-and-other-markets category remained the largest destination block.

On the import side, RCN arrivals dropped sharply from April’s peak. Nevertheless, cumulative imports remained 15.4% ahead of last year, with import value rising by an even stronger 21.9%.

Cambodia continued to account for almost two-thirds of Vietnam’s RCN supply, followed in May by Nigeria and Ghana. Import prices remained highly dependent on origin, with Cambodian material trading at a substantial premium to Côte d’Ivoire and the grouped other-origin category.

The May data therefore close with a clear contrast: Vietnam’s kernel exports reached new annual highs, while monthly RCN inflows normalised sharply after the exceptional volumes recorded in March and April.