April 18, 2024

Vietnam's corn imports surge in Q1, driven by rising demand for animal feed

Vietnam witnessed a substantial surge in corn imports during the first quarter of this year, importing 2.78 million tonnes valued at US$702.74 million, as reported by the General Department of Vietnam Customs, Voice of Vietnam reported.

Compared to the same period last year, the volume of corn imports increased by 27.1%, although there was a slight decrease of 4.8% in value.

The average price of imported corn declined to US$252.70 per tonne, marking a 25.1% decrease from the previous year.

In March alone, local businesses invested US$215.88 million in purchasing 871,741 tonnes of corn, reflecting a 13.6% increase in volume. This represents a decline of 17.2% and 21.7% in value and average price, respectively, compared to March 2023.

Brazil emerged as the leading supplier of corn to the Vietnamese market during the January - March period, delivering 1.49 million tonnes valued at US$381.27 million. Argentina and Laos followed, with 728,759 tonnes worth US$178.79 million and 66,033 tonnes costing US$16.55 million, respectively.

Most imported corn in Vietnam is utilised for animal feed production, with the remainder being used directly in food processing, food production, and bio-energy generation.

Vietnam ranks among the top 30 corn-producing countries globally and stands as one of the largest importers of corn, trailing behind major importers such as China, Europe, Mexico, Japan, the Republic of Korea, and Egypt, according to Statista, a leading statistics portal for market data.

-      Voice of Vietnam