August 22, 2024

 

Vietnam's corn imports surge amid declining global prices

Vietnam imported corn from five key markets during the first seven months of this year, with Argentina leading as the largest supplier, accounting for 55.5% of the country's total corn imports, Vietnam News reported.

 

According to data from Vietnam's General Department of Customs, Vietnam imported a total of 5.74 million tonnes of corn from global markets, valued at US$1.43 billion by the end of July. This reflects a 34% increase in import volume compared to the same period last year, although the overall value rose by only 1.9%, indicating a significant drop in international corn prices.

 

Argentina emerged as Vietnam's primary trading partner in corn imports. In the first seven months, Vietnam imported 3.19 million tonnes of corn from Argentina, valued at US$772.29 million, with an average price of US$242.4 per tonne.

 

The volume of corn imported from Argentina increased by 130.3% compared to the same period last year, while the value rose by 70.9%. However, the average price per tonne fell by 25.8%. These figures highlight the strengthening trade relationship between Vietnam and Argentina, with Argentina playing a crucial role in fulfilling Vietnam's growing corn demand.

 

Brazil followed as the second-largest supplier of corn to Vietnam, with 1.57 million tonnes imported during the first seven months of 2024. Brazil accounted for 27.4% of Vietnam's total corn imports.

 

In addition to Argentina and Brazil, Vietnam also sourced corn from markets such as Thailand, Laos, and India.

 

The overall trend in Vietnam's corn imports during this period indicates a strong reliance on suppliers like Argentina and Brazil, while also reflecting shifts in global pricing and supply structures. This reliance on imported corn raises concerns about the country's trade balance and presents challenges to food security and sustainability in Vietnam's agricultural sector.

 

One of the primary reasons for the rise in imports is the inability of domestic corn production to meet the increasing demand, particularly from the livestock and feed production industries.

 

To address this issue and reduce reliance on imported corn, experts have recommended that Vietnam implement specific measures to promote and support domestic corn production.

 

In a related note on the agricultural sector, Iloilo Governor Arthur Defensor Jr. commented on the current state of swine sufficiency in the Philippines, noting that backyard swine raisers are contributing significantly to the recovery of the swine industry, which has been affected by African swine fever (ASF).

 

-      Vietnam News