Wheat imports from Ukraine increased by over 800% in the first eight months.

Wheat imports from Ukraine increased by over 2,400% in the first seven months. Wheat imports to Vietnam surged by 18.3%.

According to statistics from the General Department of Customs, in August 2024, the whole country imported 269,712 tons of wheat, equivalent to 73.25 million USD, with an average price of 271.6 USD/ton, a decrease of 14.8% in volume, a decrease of 20.7% in value compared to July 2024, and a decrease of 6.9% in price. Compared to August 2023, there was a decrease of 15.8% in volume, a decrease of 29.4% in value, and a decrease of 16.2% in price.

Overall, in the first eight months of 2024, the country's wheat imports reached nearly 3.71 million tons, equivalent to nearly 1.03 billion USD, an increase of 20.6% in volume but a decrease of 5.3% in value compared to the first eight months of 2023, with an average price of 277.1 USD/ton, a decrease of 21.5%.

Nhập khẩu lúa mì từ thị trường Ukraine tăng hơn 800% trong 8 tháng

Wheat imports from Ukraine increased by over 800% in the first eight months. (Illustrative image)

In the first eight months of 2024, wheat imports from the main market Brazil accounted for 31.7% of the total volume and 28.5% of the total value of wheat imports nationwide, reaching over 1.17 million tons, equivalent to $293.15 million, with an average price of $249.6/ton. This represents 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 eight months of 2023. Notably, no wheat was imported from Brazil in August 2024.

Following the main market of Brazil is the Australian market, accounting for 21.1% of the total volume and 23.5% of the total value, reaching 782,572 tons, equivalent to over 241.69 million USD, with an average price of 308.9 USD/ton, a decrease of 65.4% in volume, 69% in value, and 10.6% in price compared to the first eight months of 2023.

Wheat imports in the first 8 months of 2024 - calculated based on data from the General Department of Customs. Source: Vinanet

Next, the Ukrainian market reached 736,590 tons, equivalent to $190.65 million, at a price of $258.8/ton, accounting for 19.9% of the total volume and 18.6% of the total value of wheat imports nationwide. This represents a very strong increase of 808% in volume and 729% in value, but a decrease of 8.7% in price.

Wheat imports from the US market reached 258,738 tons, equivalent to $84.68 million, at a price of $327.3 per ton, a decrease of 0.2% in volume, 17.2% in value, and 17% in price compared to the first eight months of 2023.

According to a report from the U.S. Department of Agriculture (USDA) in early April, global wheat production for the 2023-2024 crop year is expected to fall short of consumption by approximately 12.6 million tons. This also marks the fourth consecutive season of a supply-demand deficit in the wheat market.

With both rice and wheat production failing to keep pace with demand, global food security remains threatened, as rice and wheat together account for 57% of total global grain production.

According to calculations, given the current global population, the demand for wheat is expected to exceed 800 million tons. The risk of a wheat supply-demand deficit for the fifth consecutive year is foreseeable. In addition, the International Grains Council (IGC) has also revised down its end-of-season inventory for 2023-2024 by 3.6 million tons compared to the figures from March.

Comment (0)