In the first 10 months of 2024, Vietnam imported 1.85 million tons of soybeans, estimated at $953 million, an increase of 15.1% in volume but a decrease of 6.4% in value compared to the same period last year.
According to the report by According to the Ministry of Agriculture and Rural Development , in October, Vietnam imported approximately 260,000 tons of soybeans, with an estimated value of 127.7 million USD. Overall, in the first 10 months of 2024, Vietnam imported 1.85 million tons of soybeans, with an estimated value of 953 million USD, an increase of 15.1% in volume but a decrease of 6.4% in value compared to the same period in 2023.
Notably, the average price of imported soybeans in the first 10 months of 2024 reached US$514.4 per ton, a decrease of approximately 18.7% compared to the same period last year.
According to statistics from According to the General Department of Customs, in the first nine months of 2024, Vietnam... soybean imports It reached over 1.59 million tons, with a value of nearly 825.81 million USD.
Notably, Brazil was the largest supplier of soybeans to Vietnam in the first nine months of 2024, reaching 940,359 tons, equivalent to nearly US$469.81 million (an increase of 17.2% in volume and a decrease of 1.6% in value compared to the same period last year), accounting for 59% of the total volume and 56.9% of the total import value of this commodity nationwide.
The second largest supplier of soybeans to Vietnam in the first nine months of 2024 was the United States, with 514,984 tons, equivalent to $275.58 million, accounting for 32.3% of the total volume and 33.4% of the total value of soybean imports nationwide. However, this represents a decrease of 1.2% in volume and 22.55% in value compared to the same period last year.
The third largest supplier of soybeans to Vietnam is Canada. In the first nine months of 2024, Vietnam imported 97,710 tons of soybeans from this market, equivalent to US$58.12 million, an increase of 21.1% in volume but a decrease of 3.1% in value. Soybeans from Canada accounted for 6.1% of the total volume and 7% of the total value of soybean imports nationwide.
Next, the fourth largest market supplying soybeans to Vietnam in the first nine months of 2024 was Cambodia, with 4,362 tons, equivalent to over 3.16 million USD, representing an increase of nearly 863% in volume and 799.4% in value. Thus, soybean imports from Cambodia accounted for 0.27% of the total volume and 0.38% of the total value of soybean imports nationwide.
According to agricultural experts, corn and soybeans are both familiar crops in Vietnam. However, the area planted with these two crops is still small, and their yields are far lower than in other countries around the world.
Currently, corn and soybean production is still quite modest compared to demand. Therefore, businesses have to import large quantities to meet the needs of animal feed production as well as domestic consumption.
Currently, Vietnam is the third largest importer of soybean meal and the ninth largest importer of soybeans in the world . Over the past 10 years, the country has consumed an average of nearly 2 million tons of soybeans annually. Thanks to falling soybean prices and rising pork prices, livestock farmers have benefited from this trend since the beginning of the year.
In the early months of 2024, the soybean market witnessed a series of factors significantly impacting prices. From unstable weather conditions to fluctuations in production and supply, all of these created a multifaceted picture of soybean price trends.
Unstable weather conditions in key soybean-producing regions such as the United States, Brazil, and Argentina are causing concern regarding global soybean supply. Factors such as droughts, floods, and storms have negatively impacted planting and harvesting processes.
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