Cashew nuts market in the Philippines

Earlier Report Observations

The Philippine cashew nut market expanded consistently from 2018 to 2021, with market volume rising from 230 thousand tons to 257 thousand tons. This growth occurred alongside the concentration of production in Palawan, identified as the country's cashew capital, and increasing efforts to utilize both the nuts and the underused cashew apple flesh. Product development studies, funded by the Department of Agriculture and SEARCA from 2020, aimed to create value-added items like wine, jams, and salted nuts, which supported farmer income and likely encouraged sustained production.

In 2022, market volume halved to 126 thousand tons, a sharp decline that may have been influenced by external factors affecting yields. However, by 2023, volume recovered to 138 thousand tons as new initiatives to commercialize cashew apple products gained momentum. Recognition that the apple's economic value surpasses that of the nuts by four times drove involvement from Western Philippines University and local research stations, helping to diversify revenue streams and stabilize the market.

In 2024, research shifted towards innovative plant-based beverages blending cashew with chickpeas and white kidney beans, focusing on shelf-life improvement and sensory acceptance. These developments highlight the industry's ongoing push to broaden product segments and capture higher value from cashew cultivation.

Production cashew nuts in the Philippines

In kind, 2017-2020, K t

From 2017 to 2020, the Philippines ranked as the world's fifth-largest producer of cashew nuts.

Top producers of cashew nuts, 2017-2020

World map of production of cashew nuts, 2017-2020

Cashew nut production in the Philippines grew for the third year in a row. In 2020, the country produced 255.9 thousand tons, marking a moderate 5.6% increase compared to the previous year. Over the 2017-2020 period, production rose by 15%, with an average annual growth rate of 4.8%.

Annual dynamics of production in the Philippines in kind, 2017-2020, K t

Exports cashew nuts from the Philippines

Exports in kind, t

The market showed an unstable trend during this period. Exports reached their lowest point in 2018 at 50 tons and peaked in 2017, with an 18-fold difference between these years. In 2020, cross-border shipments of cashew nuts from the Philippines totaled 144 tons, reflecting a sharp 58.6% drop from the previous year. The largest decline occurred in 2018 at 94.3%, while the largest increase was recorded in 2019 at 596.9%.

Annual dynamics of product's exports from the Philippines in kind, 2017-2020, t

From 2017 to 2020, the export partner base for cashew nuts in volume terms was extremely narrow, with Vietnam alone accounting for 93.6% of total flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from the Philippines in kind, 2017-2020

Exports in value, K $ US

Market behavior was volatile during these years. Exports bottomed in 2018 at 96 thousand US dollars and peaked in 2017, with a 14.8-fold difference between these years. In 2020, the Philippines' cashew nut export value stood at 350 thousand US dollars, corresponding to a 5.1% decrease from the year before. The largest decline was in 2018 at 93.2%, while the largest increase occurred in 2019 at 283.3%.

Annual dynamics of product's exports from the Philippines in value, 2017-2020, K $ US

From 2017 to 2020, the market structure was highly concentrated, with Vietnam responsible for 97.4% of total exports in value terms.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from the Philippines in value, 2017-2020

Imports cashew nuts to the Philippines

Imports in kind, t

Cross-border shipments of cashew nuts to the Philippines declined for the second consecutive year. In 2020, imports stood at 926 tons, constituting a robust 22.4% drop relative to the prior year. Over the 2017-2020 period, imports decreased by 2.9%, with an average annual decline of 1.0%. The maximum value was recorded in 2018 at 1 261 tons, with the largest increase that year at 32.3%.

Annual dynamics of product's imports to the Philippines in kind, 2017-2020, t

From 2017 to 2020, Vietnam was the key and almost sole market for cashew nut imports to the Philippines in volume terms, accounting for 97.5% of total flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to the Philippines in kind, 2017-2020

Imports in value, K $ US

Cashew nut deliveries to the Philippines declined for the second year in a row. In 2020, import volume stood at 6 836 thousand US dollars, reflecting a substantial 22.7% drop year-over-year. Between 2017 and 2020, imports decreased by 9.7%, equating to an annualized rate of 3.3%. The maximum value was recorded in 2018 at 10 824 thousand US dollars, with the largest increase that year at 43.0%.

Annual dynamics of product's imports to the Philippines in value, 2017-2020, K $ US

From 2017 to 2020, virtually all cashew nut imports to the Philippines in value terms were associated with Vietnam, whose share reached 97.8% of total flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to the Philippines in value, 2017-2020