In the first 10 months of 2024, Vietnam imported 1.85 million tons of soybeans, estimated at 953 million USD, up 15.1% in volume, but down 6.4% in value over the same period.
According to the report of According to the Ministry of Agriculture and Rural Development, in October, Vietnam imported about 260 thousand tons of soybeans, with an estimated turnover of 127.7 million USD. In the first 10 months of 2024, our country imported up to 1.85 million tons of soybeans, with an estimated value of 953 million USD, an increase of 15.1% in volume, but a decrease of 6.4% in value compared to the same period in 2023.
Notably, the average imported soybean price in the first 10 months of 2024 reached 514.4 USD/ton, down about 18.7% over the same period last year.
According to statistics from General Department of Customs, in 9 months of 2024, Vietnam soybean import reached over 1.59 million tons, with a turnover of nearly 825.81 million USD.
Notably, Brazil was the largest market supplying soybeans to Vietnam in the first 9 months of 2024, reaching 940,359 tons, equivalent to nearly 469.81 million USD (up 17.2% in volume and down 1.6% in value over the same period last year), accounting for 59% of the total volume and 56.9% of the total import turnover of this item of the whole country.
The second largest soybean supplier to Vietnam in the first 9 months of 2024 was the US, with 514,984 tons, equivalent to 275.58 million USD, accounting for 32.3% of the total volume and 33.4% of the total soybean import turnover of the country, but down 1.2% in volume and down 22.55% in turnover compared to the same period last year.
The third largest market supplying soybeans to our country is Canada. In the first 9 months of 2024, our country imported 97,710 tons of soybeans from this market, equivalent to 58.12 million USD, up 21.1% in quantity, down 3.1% in value. Soybeans from Canada accounted for 6.1% of the total volume and 7% of the total soybean import turnover of the whole country.
Next, the fourth largest market supplying soybeans to Vietnam in the first 9 months of 2024 was Cambodia, with 4,362 tons, equivalent to more than 3.16 million USD, corresponding to an increase of nearly 863% in quantity and 799.4% in value. Thus, soybeans imported from Cambodia accounted for 0.27% of the total volume and 0.38% of the total soybean import turnover of the country.
According to agricultural experts, corn and soybeans are both familiar crops in Vietnam. However, the area of these two crops is still small, and the productivity is also far lower than that of other countries in the world.
Currently, corn and soybean production is still quite modest compared to demand. Therefore, businesses have to import large quantities to serve the needs of animal feed production as well as domestic consumption.
Currently, Vietnam is the third largest importer of soybean meal and the ninth largest importer of soybeans in the world. Over the past 10 years, our country has consumed an average of nearly 2 million tons of soybeans each year. Thanks to the decrease in soybean prices and the increase in pork prices, farmers have benefited from the beginning of the year.
The first months of 2024 have seen a number of factors significantly impacting prices in the soybean market. From unstable weather conditions to fluctuations in production and supply, all have created a mixed picture of soybean price trends.
Unstable weather conditions in key soybean-producing regions such as the United States, Brazil and Argentina are raising concerns about soybean supplies in the global market. Factors such as droughts, floods and hurricanes have negatively impacted planting and harvesting.
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