In the first two months of the year, Vietnam’s export of cassava and cassava products earned 291.51 million USD, up 8.9% in value over the same period in 2023.
EXPORTS TO MALAYSIA GREW STRONGLY IN BOTH VOLUME AND VALUE
According to the General Department of Vietnam Customs, in February 2024, Vietnam exported 217.03 thousand tons of cassava and cassava products, worth 96.27 million USD. This result was down 48.7% in volume and 50.8% in value against January 2024. Compared to February 2023, it decreased 53.6% in volume and 45.2% in value.
In the first two months of the year, Vietnam’s exports of cassava and cassava products earned 291.51 million USD.
In February, there was a traditional Tet holiday in both Vietnam and China, so the export of cassava and cassava products was affected. The average export price of cassava and cassava products was at 443.6 USD/ton, down 4.1% compared to January 2024, but up 18.1% compared to February 2023.
Accumulated in the first two months of 2024, Vietnam’s export of cassava and cassava products reached 639.06 thousand tons, worth 291.51 million USD. This was down 9.1% in volume but up 8.9% in value over the same period in 2023.
China was still the largest export market for cassava and cassava products of Vietnam. This country accounted for 91.6% of Vietnam’s total exports, reaching 198.81 thousand tons, worth 86.12 million USD. Accumulated in the first two months of 2024, Vietnam exported to China 599.93 thousand tons of cassava and cassava products, worth 269.71 million USD, down 9% in volume, but up 8.8% in value over the same period in 2023.
Notably, while exports of cassava and cassava products to most markets decreased, exports to Malaysia still grew strongly in both volume and value. The exports reached 2.25 thousand tons, worth 1.2 million USD, up 99.1% in volume and 123.4% in value over the same period in 2023.
In the market structure of Vietnam’s cassava and cassava products in the first two months of 2024, Taiwan (China) ranked second with an export volume of 8,687 thousand tons and 5.31 million USD, down 3.8% in volume but up 13.9% in value over the same period in 2023.
According to the Taiwan Finance Agency (China), Vietnam was the second-largest supplier of cassava starch to this market, reaching 7.97 thousand tons, worth 4.45 million USD, up 20.3% in volume and 45.2% in value over the same period in 2023.
China was still the largest export market for cassava and cassava products of Vietnam.
THE EXPORT PRICE OF CASSAVA STARCH INCREASED SLIGHTLY
In the 10 days in the middle of March 2024, the price of fresh cassava tended to decrease slightly compared to the end of the last month. Some factories continue to adjust the purchase price of input materials to avoid risks to businesses and increase exports by sea to reduce inventory pressure.
Meanwhile, the price of sliced cassava tends to increase slightly in the context of not abundant supply. In addition, exporters also reduced their stockpiles when the sliced cassava market in 2024 is forecast to be difficult as corn prices remain very low.
The export price of cassava starch also increased slightly. The supply of cassava starch to the market is expected to decrease sharply since the beginning of April 2024 due to the lack of supply.
The price of fresh cassava in the whole country is now maintained at 2,700 – 3,250 VND/kg, down 50 – 100 VND/kg compared to the end of February 2024.
Currently, the price of cassava materials in Tay Ninh is high. Customers pay low prices for cassava starch and the output is difficult, which is causing businesses to have large inventories. Tay Ninh now has 68 cassava processing factories with a total capacity of about 6.4 million tons /year; including 06 deep processing factories. This is the reason why cassava has a stable output. Cambodia’s cassava crop is two months away, while cassava in Tay Ninh needs three months for harvest, so businesses are buying cassava from Cambodia to produce./.
