October 22, 2024

 

Vietnam's soybean imports in the first nine months of 2024 reached over 1.59 million tons, valued at nearly US$825.81 million, according to preliminary data from the country's General Department of Customs. Vietnam.vn reported.

 

While the volume of imports increased by 8.3% compared to the same period in 2023, turnover decreased by 11.7%, with a notable 18.4% drop in the average price per tonne, which stood at US$518.

 

In September 2024 alone, Vietnam imported 202,004 tonnes of soybeans, worth US$148 million, at an average price of US$71.8 per tonne. This marked a sharp increase in volume, up 485.1% from the previous month, while turnover rose by 12%. However, the price fell slightly by 8%. Compared to September 2023, soybean imports saw a 3.3% increase in volume but a 9% decline in turnover and a 2023% drop in price.

 

Brazil emerged as Vietnam's largest soybean supplier, accounting for 59% of the total volume and 56.9% of total import turnover during the first nine months of 2024. Brazil shipped 940,359 tonnes of soybeans to Vietnam, valued at US$469.81 million at an average price of US$499.6 per tonne. This represents a 17.2% increase in volume, though turnover fell by 1.6%, and prices dropped by 16% compared to the same period in 2023.

 

The US ranked as the second-largest supplier, with 514,984 tonnes exported to Vietnam, valued at US$275.58 million at an average price of US$535 per tonne. The US accounted for 32.3% of total soybean volume and 33.4% of total import turnover. However, US soybean exports to Vietnam fell by 1.2% in turnover, 22.6% in price, and 21.6% in volume compared to the first nine months of 2023.

 

Canada followed as the third-largest supplier, exporting 97,710 tonnes of soybeans to Vietnam in the same period, worth US$58.12 million. The average price stood at US$594.8 per tonne. While Canadian exports increased by 21.1% in volume, turnover dropped by 3.1%, and prices fell by 20% compared to the previous year.

 

Imports from Cambodia reached 4,362 tonnes, valued at US$3.16 million. These figures represented 0.27% of Vietnam's total soybean volume and 0.38% of total import turnover. Imports from Cambodia surged by 862.91% in volume and 799.4% in turnover compared to the previous year.

 

Experts from the agriculture sector noted that although soybeans and corn are familiar crops in Vietnam, the production area remains small, and yields are significantly lower than those of other countries. As a result, Vietnam relies heavily on imports to meet domestic demand, particularly for animal feed production.

 

Vietnam is currently the world's third-largest soybean meal importer and ninth-largest soybean importer. Over the past decade, the country has consumed an average of nearly 2 million tonnes of soybeans annually. The decrease in soybean prices and an increase in live swine prices have allowed Vietnamese farmers to benefit financially since the beginning of the year.

 

Several factors have significantly influenced soybean prices in 2024. Unstable weather conditions in key producing regions such as the US, Brazil, and Argentina have raised concerns about global soybean supplies. Droughts, floods, and hurricanes have impacted planting and harvesting, adding to supply volatility.

 

This uncertainty has created challenges for soybean producers and exporters, as they navigate fluctuating prices and shifting business conditions. External factors such as trade wars, government agricultural policies, and geopolitical events in major producing countries have further contributed to price swings in the global soybean market.

 

-      Vietnam.vn