China spends nearly US$400 million purchasing cassava from Vietnam

China spends nearly US$400 million purchasing cassava from Vietnam

China spent more than US$397 million buying one million tonnes of cassava in the first four months of the year, thereby becoming the largest importer of Vietnamese cassava, according to statistics released by the General Department of Vietnam Customs.

April alone witnessed the nation export 189,820 tonnes of cassava and cassava-based products worth US$76.03 million, duly representing a fall of 19.5% in volume and 27.4% in value compared to figures from April, 2022. 

The average export price of cassava and cassava-based products stood at US$400.6 per tonne, up 4.6% compared to March, but down 9.9% on-year.

Meanwhile, this year has seen cassava exports to Japan in the first four months of the year enjoy robust growth with 2,280 tonnes worth US$1.16 million, representing a sudden increase of 3,357% in volume and an increase of 1,742% in value against the same period from last year.

According to details given by the Import-Export Department under the Ministry of Industry and Trade, the supply source and price of corn and wheat has been heavily impacted by the Russia-Ukraine conflict.

Most notably, developed countries have switched to use clean energy from ethanol, of which cassava is one of the important raw materials used to create the substance. Therefore, the demand for cassava in the global market is anticipated to continue to increase moving forward.

At present, the export price of sliced cassava to the Chinese and the Korean markets hovers around US$305 per tonne and about US$355 per tonne, respectively.

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License number: 176/GP-TTDT December 23, 2015 of broadcasting and Center for training in Communications information.

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