List of Vietnamese goods imported from Thailand increased by more than 600%

According to preliminary statistics from the General Department of Customs, imports of animal feed and raw materials into Vietnam in April 2024 increased by 6.7% compared to March 2024 and by 34.8% compared to April 2023, reaching US$498.82 million. Overall, in the first four months of 2024, imports of this product group reached nearly US$1.69 billion, an increase of 9.8% compared to the first four months of 2023.

The Thai market accounts for 5.1% of Vietnam's total imports of animal feed and raw materials.

The US was Vietnam's largest import market for animal feed and raw materials in the first four months of the year, accounting for 25.2% of the total import value of this product group, reaching nearly US$425.39 million, an increase of 81.9% compared to the first four months of 2023; of which, April 2024 alone reached US$137.15 million, an increase of 12.6% compared to March 2024 and an increase of 118.6% compared to April 2023.

Ranked second is the Argentine market, accounting for 23%, reaching 388.32 million USD, down 2% over the same period in 2023; in April 2024 alone, imports from this market reached nearly 144.91 million USD, up 27.2% over March 2024 and up 282.2% over April 2023.

Brazil is the third largest import market in April 2024, with imports continuing to decrease by 7.9% compared to March 2024 and 53.3% compared to April 2023, reaching over 35.66 million USD. In the first 4 months of 2024, imports from this market increased sharply by 38.9% compared to the first 4 months of 2023; reaching nearly 231.08 million USD, accounting for 13.7% of the total turnover.

Among the major markets, Vietnam is continuously importing this item from Thailand. Specifically, in April, Vietnam unexpectedly increased imports to 50.93 million USD, up 210% compared to the previous month and a sharp increase of 622% compared to April last year.

In the first four months of the year, Thailand exported a total of 85.84 million USD to Vietnam, an increase of 127.8% over the same period in 2023. The Thai market accounts for 5.1% of Vietnam's total imports of animal feed and raw materials.

According to calculations, the demand for animal feed for the domestic livestock industry will continue to increase. Currently, Vietnam needs about 30 million tons of animal feed each year, by 2025 and 2030 it will be 35 and 45 million tons respectively.

Since 2016, the amount of imported animal feed has always accounted for about 70% of demand (equivalent to 19-20 million tons), domestic production accounts for about 30% (equivalent to 10-11 million tons/year).

According to the Ministry of Agriculture and Rural Development , these are raw materials that Vietnam does not have the strength to produce domestically because it cannot compete with the US, Brazil, and Argentina in terms of area and productivity, and at the same time, the farming efficiency is not as high as rice production.

Source: https://congthuong.vn/diem-ten-mat-hang-viet-nam-nhap-khau-tu-thai-lan-tang-hon-600-322756.html