November 11, 2024

Vietnam's soybean imports from Cambodia surge nearly eightfold in 2024

Vietnam's soybean imports from Cambodia surged by a record 799.4% in the first nine months of 2024, a near eightfold increase compared to the same period last year, according to data from Vietnam's General Department of Vietnam Customs.

The latest data show that the total import-export turnover between Vietnam and Cambodia reached US$7.5 billion in the first nine months of 2024, reflecting a 15.4% increase over the same period in 2023. Key items in Vietnam's trade with Cambodia include a variety of agricultural products.

On the import side, several items from Cambodia saw substantial growth. Soybeans recorded the largest increase at 799.4%.

A report from Vietnam's Ministry of Agriculture and Rural Development indicates that soybean imports in October 2024 are estimated at 260,000 tonnes, valued at US$127.7 million. This brings total soybean imports for the first ten months of 2024 to 1.85 million tonnes, valued at US$953 million, a 15.1% increase in volume but a 6.4% decline in value compared to the same period in 2023. The average import price of soybeans in the first ten months of 2024 was US$514.4 per tonne, reflecting an 18.7% decrease from last year.

Vietnam's main soybean suppliers remain Brazil, the US, and Canada, which collectively held a 97.3% market share in the first eight months of 2024. The value of soybean imports from these top three suppliers declined by 3%, 3%, and 3%, respectively, compared to the same period in 2023.

Notably, while Cambodia saw a record rise in soybean exports to Vietnam, it does not yet rank among the top three suppliers of soybeans to the Vietnamese market.

-      Vietnam.vn