Like other Western European countries, the UK does not cultivate cashew nuts, so all products for processing, domestic consumption or re-export are imported. In the period from 2013 to 2022, the UK's cashew import volume will grow on average 6.33%/year, from 14.2 thousand tons in 2013 to 23.1 thousand tons in 2022. In terms of value , the average growth for the entire above period is 4.58%/year, from 99.8 million USD in 2013 to 145.5 million USD in 2022. However, during this entire period , the UK's highest import value was in 2017, then gradually decreased over the years. It can be seen that the consequences of the COVID-19 pandemic on the UK economy have caused consumers to tighten spending, making an important contribution to the demand for non-essential products, including cashew products in the market.

However, since the beginning of 2023, the UK's cashew nut imports have shown signs of improvement when the import value of the next quarter is higher than the previous quarter. Specifically, import growth in the second quarter of 2023 compared to the first quarter of 2023 is 21.8%, growth in the third quarter of 2023 compared to the second quarter of 2023 is 19%.

Regarding seasonal factors, the UK often increases the import of cashew products in the third and fourth quarters of every year to serve consumption in the cold season and year-end holidays, when the demand for nut products is high. In general, there is an increasing trend. Besides, cashew suppliers will have time to reserve orders for large deliveries during the peak season. Quarter I and Quarter II are often the periods with the lowest import volume of the year when compared to the remaining quarters of the year.

Regarding product structure, the UK mainly imports shelled cashew nuts (HS code 080132) with a ratio always accounting for over 99% of the total import value of this product into the market. Even recently (such as Quarter 4-2022 and Quarter 3-2023), unshelled cashew products (HS code 080131) did not generate import turnover into the UK market.

In the opposite direction, cashew nut exports from the UK to third countries account for a small proportion compared to the annual import value of the product. Specifically, the annual export volume reaches about 2 thousand tons, nearly 1/10 of the import volume.

Besides, export volume has tended to decrease from 2016 onwards, on average about 6.5%/year. Regarding export value, the time when the UK exported the most cashew nuts was in the period 2016-2018, the ratio of export value to import was about 10%. Currently, the above proportion tends to decrease, reaching 7.1% in 2022.

Around a tenth of the UK's cashew imports are processed domestically, before being exported back to a number of markets at a higher value. The average net profit after processing cashews for export in the UK for the entire period 2013-2022 is 563.4 USD/tonne, with an average profit of about 7.9%. Particularly in recent years, although the value and volume of import and export decreased, profits after processing for export increased, for example in 2021, the average net profit reached 1647 USD/ton, with Profit margin reached 25.6%.

Cashew nuts, after processing to increase product value, are mainly exported back to some neighboring European countries, such as the Netherlands, the Republic of Ireland, Italy, Germany, Poland, and France. .

According to data calculations from ITC Trademap, in the period 2018-2022, the UK's cashew nut imports from the European Union (EU) decreased sharply, on average about 16%/year in value and... mass. This reflects the huge impact of Brexit and the subsequent implementation of an independent UK trade policy in reducing imports of raw materials and finished products from EU member states. In 2022, cashew imports from the EU currently account for only 5.4% of the UK's overall import value (in 2018, this proportion was 19.6%). The Netherlands, Germany and Italy are the three largest EU cashew suppliers to the UK market.

Non-EU markets are the main source of cashew imports into the UK, of which Vietnam is always the main, overwhelming supplier and has had a significant increase in import volume and value in the period 2018- 2022. India is a country with a relatively large amount of imports into the UK market, but its proportion is increasingly decreasing. In 2022, the market share of cashew nuts imported from Vietnam will reach 89.2%, while India's market share is currently 3.1%.

Minh Toan