November 14, 2012

Vietnamese soy imports to increase on high demand

As its livestock farming booms, Vietnam is sharply increasing soy imports for animal feed while demand as human food is also rising.

Hamburg-based oilseeds analysts Oil World said on Tuesday (Nov 13) that Vietnam's March 2012-February 2013 season soy imports will rise to 1.18 million tonnes, up from 1.09 million tonnes in 2011-12.

"Soy crushings continued to increase sharply so far this year and we expect them to reach a new high of 950,000 tonnes in March 2012-February 2013, approximately 300,000 tonnes more than a year ago," it said.

Vietnam's oilmeal requirements are increasing rapidly because of the expansion of its poultry, pig and aquaculture industries, it said. More soys are also being consumed by Vietnam's people as its economy expands.

Vietnam's own soy crop is rising but remains well below requirements. Vietnam's 2012-13 soy harvest will rise to 300,000 tonnes from 254,000 tonnes in 2011-12, Oil World said.