Cassava exports reach over 600 million USD, China is still the main market

According to preliminary statistics from the General Department of Customs, Vietnam's cassava and cassava products exports in June earned more than 68 million USD with an output of 141,228 tons, up sharply by 19.2% in volume and 31.7% in value compared to May 2024.

In the first half of the year, the export output of cassava and cassava products earned more than 630 million USD, equivalent to more than 1.3 million tons, down 7.7% in volume but up 6.2% in value over the same period in 2023.

Cassava and cassava products exports reached over 600 million USD, China is still the main consumer market.

The bright spot of cassava exports in the first half of the year was the sharp increase in export prices. The average export price reached 454 USD/ton, up 15% over the same period in 2023.

In terms of export markets, China continues to be Vietnam's largest export market, accounting for the largest proportion. Specifically, in the first 6 months, this market imported more than 1.26 million tons of cassava from Vietnam with a turnover of 569 million USD, down 6% in volume but up 9% in value compared to the same period in 2023.

The average export price reached 451 USD/ton, up 16% over the same period in 2023.

South Korea is the second largest cassava export market of Vietnam with 35,849 tons, worth nearly 10.1 million USD, down 54% in volume and 62% in value. Export price decreased 18% compared to the same period last year, reaching 306 USD/ton.

Taiwan (China) ranked third with 27,697 tons, equivalent to more than 15 million USD, up 4% in volume and 15% in value. Export prices also recorded an increase of 11%, reaching 553 USD/ton.

Besides the three main markets above, our country also exports to other markets such as Malaysia, Myanmar, Japan,...

According to the General Statistics Office, in 2023, the cassava area nationwide will reach about 511.5 thousand hectares, a decrease of 18.8 thousand hectares compared to 2022. The output is estimated at 10.43 million tons of fresh tubers, a decrease of about 196.3 thousand tons compared to 2022. Together with Thailand, our country is currently dominating the global export supply with a turnover of more than 1.3 billion USD in 2023.

Cassava starch exports to China in recent months by sea are much higher than cross-border exports. According to Agromonitor - Agricultural Market Analysis, during the period from June 1 to 28, cassava starch exports by sea reached nearly 84 thousand tons, 5.5 times higher than the amount of starch exported through cross-border trade.

Vietnamese cassava traders are expecting cassava and cassava-based product exports to pick up again from this July. Regarding cassava chips, it is forecasted that Chinese factories will likely resume purchasing from around July 2024, when cassava chip inventories in China are running low due to a sharp decline in imports in recent times.

In the context of rising prices of many foods in Europe, especially wheat, Vietnamese businesses need to seize the opportunity to open the market for cassava products in the EU.

According to cassava factories, demand for purchases from China has shown signs of improvement as the demand for mooncake production is approaching. In the context of the US dollar appreciating against the yuan, Chinese customers want to buy in CNY instead of USD. Along with that, the trend of buying cassava starch in yuan has increased slightly.

The Thai Cassava Association announced that the selling price of cassava starch decreased by 05 USD/ton compared to the previous week, at 530 USD/ton FOB Bangkok (announced on 09/07/2024) due to the preparation for the new crop.

Currently, Vietnamese factories are offering cassava starch at prices ranging from 495 to 520 USD/ton FOB Ho Chi Minh City port. According to information from cassava chip exporters, Chinese customers are now showing signs of returning to ask for goods and accepting higher prices of about 5 to 7 USD/ton due to Thailand's price increase. However, because Vietnam's cassava chip inventory for the 2023-2024 crop is not large, exporters are still waiting for prices to increase before selling.

Cassava brings in billions of dollars in export revenue for Vietnam each year. Besides cassava tubers, which bring in the largest export revenue, other parts of the plant also bring high economic value and many uses in industrial processing, animal feed and food.

Cassava tubers are used for fresh consumption, animal feed, processing of dried cassava chips, ground cassava flour, cassava starch, modified cassava starch, cassava starch products. Cassava stems are used for breeding, mushroom growing, firewood, raw materials for the cellulose industry. Cassava leaves are used as animal feed such as fish farming, silkworm farming and then exported to markets in Korea, Japan, and densely populated Asian areas.

Source: https://congthuong.vn/xuat-khau-san-dat-tren-600-trieu-usd-trung-quoc-van-la-thi-truong-chinh-333719.html