December 9, 2022

 

Close to US$190 million spent importing pork into Vietnam in ten months

The General Department of Vietnam Customs said the country has spent close to US$190 million to import 89,000 tonnes of pork between January to October this year, Vietnam Plus reported.

 

This was a year-on-year increase of 34.4% in volume and 39.6% in value.

 

Vietnam imported pork from 30 markets in the first ten months of 2022, with Brazil accounting for the majority share (37.3%), followed by Russia (24.9%), Germany (12.8%), Canada (8%), and the Netherlands (4.7%). In contrast to the same period in 2021, imports of pork from all other markets, aside from Brazil, decreased.

 

Nearly 12,000 tonnes of pork worth US$26.02 million were imported by Vietnam in October 2022, a decrease of 5.6% in volume and 22.4% in value over the same month last year.

 

Vietnam made US$5.77 million from the export of about 1,000 tonnes of pork in October of this year, an increase of 68.6% in value and 113.3% in volume. Most Vietnamese pork is exported to Laos and Hong Kong.

 

Vietnam's Ministry of Industry and Trade's Agency for Foreign Trade said that due to processing restrictions, market forecasting for production adjustment, and disease prevention and control, the amount of exported pork only made up a small portion of the total amount of pork produced in the nation.

 

Due to Vietnam's higher than average swine breeding costs, the pork produced there is less competitive globally.

 

The department said domestic demand for beef and poultry meat is anticipated to rise as Tet (Vietnam Lunar New Year) draws nearer, but the increase won't be significant due to plentiful supplies.

 

Vietnam's livestock industry aims to produce more than 4.5 million tonnes of live swine in 2023, and because of rising demand and shrinking supply, pork prices are anticipated to rise by 5%.

 

-      Vietnam Plus