Wheat imports from Ukraine increased by more than 2,400% in the first seven months.

According to statistics from the General Department of Customs, in July 2024, the whole country imported 316,511 tons of wheat, equivalent to 92.35 million USD, with an average price of 291.8 USD/ton, an increase of 9.9% in volume, 13.4% in value compared to June 2024, and a 3.2% increase in price. Compared to July 2023, there was a decrease of 5.2% in volume, 16.9% in value, and 12.3% in price.

Overall, in the first seven months of 2024, the country's wheat imports reached over 3.44 million tons, equivalent to over $954.67 million, an increase of 24.8% in volume but a decrease of 2.8% in value compared to the first seven months of 2023, with an average price of $277.5/ton, a decrease of 22%.

Wheat imports from Ukraine increased by more than 2,400% in the first seven months. (Illustrative image)

In July 2024, wheat imports from Brazil increased again by 17.4% in volume and 13.2% in value compared to June 2024, but the price decreased by 3.6%, reaching 23,973 tons, equivalent to 5.78 million USD, at a price of 241 USD/ton; whereas in July 2023 there were no imports from this market.

Overall, in the first seven months of 2024, wheat imports from Brazil accounted for 34% of the total volume and 30.7% of the total value of wheat imports nationwide, reaching over 1.17 million tons, equivalent to 293.15 million USD; the average price was 249.6 USD/ton, a sharp increase of 348.9% in volume and 205.9% in value, but a decrease of 31.9% in price compared to the first seven months of 2023.

Following the main market of Brazil is the Australian market, accounting for 21.4% of the total volume and 23.8% of the total value, reaching 737,112 tons, equivalent to over 227.46 million USD, with an average price of 308.6 USD/ton, a decrease of 65.3% in volume, 69.1% in value, and 11% in price compared to the first seven months of 2023.

Next, the Ukrainian market reached 612,846 tons, equivalent to $159.42 million, at a price of $260/ton, accounting for 17.8% of the total volume and 16.7% of the total value of wheat imports nationwide. This represents a very strong increase of 2,412% in volume and 1,862% in value, but a decrease of 21.9% in price.

Despite a sharp increase in both volume and value, the price of wheat imported from this market has seen a significant drop to $260 per ton, a decrease of 22% compared to the previous year.

Wheat imports from the US market reached 257,223 tons, equivalent to $84.22 million, at a price of $327.4/ton, an increase of 49.3% in volume, a 19.4% increase in value, but a 20% decrease in price compared to the first seven months of 2023.

Wheat imports in the first 7 months of 2024 - calculated based on data from the General Department of Customs. Source: Vinanet

In the Vietnamese market, Vietnam hardly grows wheat domestically; therefore, the country spends billions of USD annually on imports. In 2023, Vietnam spent over 97 million USD importing 252,803 tons of wheat from Canada, a sharp increase of 1,372% in volume and 1,142% in value compared to 2022.

Currently, Russia dominates the global wheat market, producing between 75 million and 85 million tons of wheat annually, equivalent to 10 to 12% of global production, with 50% of that going to export. Russia alone supplies more than one-fifth of the international wheat market and earns between $10 and $12 billion annually from wheat exports.

Source: https://congthuong.vn/nhap-khau-lua-mi-tu-thi-truong-ukraine-tang-hon-2400-trong-7-thang-340536.html