China Remains Key Market for Vietnam's Cassava Exports Despite Decline
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Vietnam’s cassava and cassava product exports faced a decline in 2024, yet China continued to dominate as the primary destination for these agricultural commodities. According to Vietnam Customs, total cassava exports reached 2.62 million tons, generating an estimated $1.15 billion in revenue. This represents an 11.1% drop in volume and an 11.4% decrease in value compared to 2023.
Despite this downturn, cassava remained a key agricultural export for Vietnam, with its export value surpassing the $1 billion mark. The Ministry of Industry and Trade’s Import-Export Department noted that the average export price of cassava and its products in 2024 saw a slight decline from the previous year. This trend was attributed to reduced demand from China, caused by the impact of storms and floods on livestock and poultry farming, which in turn lowered the need for animal feed.
China accounted for 92.85% of Vietnam’s cassava export volume and 91.77% of the total export value. In 2024, shipments to China amounted to 2.43 million tons, valued at $1.06 billion, reflecting a 9.8% drop in volume and a 10.6% decline in value compared to the previous year. The reduced demand from China significantly affected Vietnam's overall cassava export performance.
Beyond China, Vietnam’s penetration into other international markets, such as the EU, South Korea, Japan, and the US, remained limited despite existing Free Trade Agreements (FTAs). Export volumes to these markets have yet to see significant growth.
Looking ahead, the Ministry of Industry and Trade predicts that China will continue to be Vietnam’s dominant market for cassava and cassava products in 2025. However, efforts to diversify export destinations may be necessary to enhance market stability and reduce dependency on a single market source.
Source: https://vietnamnet.vn/en/china-remains-largest-market-for-vietnamese-cassava-2368700.html
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