W12 Cassava Update: Cassava Prices Tumble in Colombia While Thailand's Agricultural Trade Stays Strong

Published 2024년 4월 2일

In W12 in the cassava landscape, the root vegetable market in Colombia is witnessing fluctuations in wholesale prices, with cassava prices dropping due to increased supply while arracacha and green plantains experience price hikes in certain regions owing to lower availability. In contrast, Thailand's agricultural trade remained robust despite a marginal decrease in total trade value in 2023, with cassava exports remaining steady at USD 1.1 billion. Thailand's trade surplus, particularly with FTAt partners, underscores the significance of such agreements in bolstering agricultural exports, with durian emerging as a leading export commodity.

Colombian Cassava Prices Dip Amidst Uneven Root Vegetable Market Trends

Colombia's root vegetable market is experiencing variations in wholesale prices across different products and regions, according to the daily bulletin from the National Administrative Department of Statistics (DANE) reporting Integrated Supply System for Agro-Products (SIPSA) data. As of W12, the Colombian root vegetable market is characterized by uneven price movements. While cassava prices dipped due to increased supply, arracacha and green plantains experienced price hikes in some regions due to lower product availability.

The price of cassava exhibited an 11% week-on-week (WoW) decrease in Bogota (Corabastos Market), reaching USD 0.47 per kilogram (COP 1,688/kg). Conversely, Armenia reported a 10% WoW price drop for cassava following its arrival in the market. This price movement stands in contrast to the upward trend observed in other tubers. This decline is attributed to an increase in supply from Lejanías and Granada in Meta.

Cassava Steady Despite FTA Growth in Thailand's Agricultural Trade

Thailand's Secretary-General of the Office of Agricultural Economics at the Ministry of Agriculture and Cooperatives released an overview of the country's agricultural trade performance in 2023. Thailand's total agricultural trade value in 2023 reached USD 65.2 billion, reflecting a marginal decrease of 0.13% year-on-year (YoY) compared to 2022. However, the country maintained a trade surplus of USD 26.1 billion. Cassava exports from Thailand remained steady, reaching USD 1.1 billion in 2023. Durian emerged as Thailand’s leading agricultural export commodity, generating export revenue of USD 3.8 billion.

Trade with Free Trade Agreement (FTA) partners, excluding the Association of Southeast Asian Nations (ASEAN) members including China, Japan, and South Korea, witnessed a 3.25% YoY increase, reaching USD 27.7 billion in 2023. This segment also generated a trade surplus of USD 14.5 billion for Thailand.

Despite a slight decline in overall trade value, Thailand's agricultural sector maintained a strong performance in 2023. The growth in trade with FTA partners highlights the importance of these agreements in fostering agricultural exports. While durian emerged as the top export earner, cassava exports also maintained consistent performance.