In the first quarter of 2024, despite the decrease in volume, the export turnover of Vietnam’s cassava still increased by more than 15%. This was mainly due to the increase in the export price of cassava in major markets.
According to data from the General Department of Customs, in the first quarter of 2024, Vietnam exported 944,936 tons of cassava and cassava products, earning 430.4 million USD. This result was down 3.3% in volume but up 15.6% in turnover over the same period last year (YoY).
The increase level was due to the average export price of cassava increased by 19.4% over the same period last year, from 381.3 USD/ton in the first quarter of 2023 to 455.5 USD/ton in the first quarter of 2024.
Thanks to price increases in major markets, cassava exports earned more than 430 million USD in Q1 of 2024.
There are six main markets importing cassava from Vietnam. There were four markets with reduced export volume, including Korea with a decrease of up to 96% in volume compared to the same period last year, to 1,460 tons; Japan with -77%, to 403 tons; the Philippines with -33.9%, reaching 6,118 tons; and Taiwan (China) with a decrease of 1.2%, reaching 15,696 tons.
Despite the decrease in volume, the export turnover of the above markets fluctuated in opposite directions. Specifically, with an increase of 15.2% in the average export price (reaching 552.3 USD/ton), cassava and cassava products of Vietnam exported to Taiwan earned 8.66 million USD. It was equal to an increase of 13.8% in turnover over the same period last year.
Taiwan is also the market with the highest average export price among the main markets of Vietnam’s cassava exports in Q1 of 2024.
The average price of cassava exported to the Philippines also increased by 11.6% YoY, to 515.7 USD/ton, pushing the turnover to 3.15 million USD, only a 26% decrease in turnover despite the decrease in exports to 33.9% YoY.
In contrast, the average export price of cassava to Korea decreased by 8.5%, to 357.8 USD/ton, bringing the turnover to 0.52 million USD. The export price to Japan decreased by 4.8% YoY, reaching 472.2 USD/ton, and turnover reached 0.19 million USD (down 78% YoY).
In ASEAN, in the first quarter of this year, Vietnam also exported 4,142 tons of cassava to Malaysia with a turnover of 2.21 million USD, up 29.8% in volume and 43.8% in value compared to the same period last year. The average price of cassava exported to this country increased by 10.7% YoY, from 483.4 USD/ton to 535.5 USD/ton.
In the largest export market, China, the average price of exported cassava and cassava products reached 449.2 USD/ton, equal to an increase of 19.8% YoY compared to 374.8 USD/ton recorded in the same period last year.
In the first quarter of 2024, cassava exports to China reached 890,554 tons, a slight increase of 0.5% YoY; turnover reached 400.12 million USD, an increase of 20.5% YoY./.