China spends more than 9,600 billion VND to buy cassava starch from Vietnam

Published 2024년 9월 25일

Tridge summary

Chinese customs data shows a significant increase in the country's import of cassava starch from Southeast Asia, with Vietnam becoming the largest exporter to China, accounting for over 37% of the total imports. Other countries like Thailand, Laos, Cambodia, and Brazil also contribute to China's cassava starch purchases. However, Indonesia's share has decreased. Vietnamese cassava starch is popular in China for its use in confectionery during festivals, but face competition and threat from corn starch. Despite a slight dip in overall cassava and cassava product exports, Vietnam saw an increase in value due to higher average prices, with China being the main buyer. The Vietnam Cassava Association is striving to improve product quality to meet China's standards and aims to reach an annual export target of 2.5 billion USD by 2050.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to Chinese customs data, in the first 7 months of the year, the country spent 1.08 billion USD importing cassava starch from Southeast Asia, of which Vietnam accounted for about 392 million USD (nearly 800,000 tons, up 40% in volume). Vietnam's cassava starch market share accounts for more than 37% of China's total imports, second only to Thailand (956,000 tons, worth 525.5 million USD). In addition to Vietnam and Thailand, China also increased purchases from Laos, Cambodia and Brazil, while reducing imports from Indonesia. Exporters said that Vietnamese cassava starch is very popular in China, especially during the processing of confectionery during the Mid-Autumn Festival and year-end festivals. However, competition is still fierce with low-cost rivals, and corn starch is also partially replacing cassava starch. In the first 8 months, Vietnam exported 1.79 million tons of cassava and cassava products, earning more than 822 million USD, down 3.8% in volume but up 7% ...

Source: VNExpress