Cassava brings in billions of USD every year for Vietnam. It is worth mentioning that in addition to cassava tubers accounting for the largest export turnover, other parts of this plant also bring high economic value and many uses in industrial processing, animal feed, and food.
Cassava tubers are used to eat fresh, make animal feed, and process into dried cassava slices, crushed cassava, or starch. People use cassava stalks to make seeds, mushrooms, firewood, and raw materials for the cellulose industry. Leaves are used as feed in livestock farming, such as fish or silkworms, and then exported to Korean, Japanese, and Asian markets.
Cassava has brought in more than 600 million USD in the first half of the year.
According to preliminary statistics from the General Department of Customs, Vietnam’s exports of cassava and cassava products in June reached more than 68 million USD with an output of 141,228 tons. This was a strong increase of 19.2% in volume and 31.7% in value compared to May 2024.
In the first half of the year, the exports of cassava and cassava products brought in more than 630 million USD, equivalent to more than 1.3 million tons. This result was down 7.7% in volume but up 6.2% in value over the same period in 2023.
The positive signal of cassava exports in the first half of the year is that export prices witnessed a sharp increase. The average export price reached 454 USD/ton, up 15% over the same period in 2023.
In terms of export markets, China remains the largest export market of Vietnam, when this country accounted for the largest proportion. Specifically, in 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 over the same period in 2023.
The average export price of cassava reached 451 USD/ton, up 16% over the same period in 2023.
Korea is the second-largest cassava export market with 35,849 tons, worth nearly 10.1 million USD, down 54% in volume and 62% in turnover. with 35,849 tons, worth nearly 10.1 million USD, down 54% in volume and 62% in turnover. The export price decreased by 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. The export price also recorded an increase of 11%, reaching 553 USD/ton.
Together with Thailand, Vietnam currently dominates the global supply, with a turnover of more than 1.3 billion USD last year.
In addition to the above three key markets, Vietnam exports cassava to other markets such as Malaysia, Myanmar, or Japan.
According to the General Statistics Office, in 2023, the cassava area across the country reached about 511.5 thousand hectares, down 18.8 thousand hectares compared to 2022. The output was estimated at 10.43 million tons of fresh tubers, down about 196.3 thousand tons compared to 2022. Together with Thailand, Vietnam currently dominates the global supply, with a turnover of more than 1.3 billion USD last year.
One notable change over the past few months is that cassava starch exports to China by sea have been much higher than through border gates. According to the Agromonitor’s data, from June 1 to 28, the export of cassava starch by sea reached nearly 84,000 tons, 5.5 times higher than the amount of starch exported across the border.
Traders in the Vietnamese cassava industry are expecting the export of cassava and cassava products to grow better in July. It is forecast that Chinese factories may buy cassava slices again in July 2024, when the inventory in China is running out due to a sharp decrease in imports in recent times.
In the context of the high prices of many types of food in Europe, especially wheat, Vietnamese businesses need to seize the opportunity to open the market for cassava products in the EU.