Corn, soybeans and wheat are all popular and familiar grains. Every year, our country has to spend a huge amount of money, up to several million USD, to import these grains.
Preliminary statistics from the General Department of Customs show that in just the first 75 days of 2024, Vietnamese businesses spent more than 1.22 billion USD to import 4.14 million tons of corn, soybeans and wheat from countries and territories around the world.
Specifically, as of February 15, our country spent 602 million USD to import nearly 2.38 million tons of corn. Compared to the same period last year, the amount of imported corn increased by 23.7% but the value decreased by 6.5% due to the cooling price of this item.
Similarly, soybean imports reached over 440 thousand tons, worth 247 million USD, up 11% in volume but down 10.8% in value.
Wheat imports amounted to more than 1.32 million tons, worth 370 million USD, up 42% in volume and 7.5% over the same period last year.
These items are imported mainly to serve the needs of animal feed production. Because the domestic production capacity of raw materials for the animal feed industry is limited, Vietnam depends heavily on imported goods.
It is estimated that imported animal feed ingredients account for about 65% of the total domestic demand for animal feed ingredients.
According to experts and businesses, at the beginning of this year, the prices of grains such as corn, soybeans and wheat were relatively cheap compared to the same period last year, so manufacturing businesses rushed to buy them.
Last year, Vietnam imported 9.7 million tons of corn, worth up to 2.87 billion USD, up 1.6% in volume but down 13.7% in value compared to 2022. In addition, our country also imported 1.86 million tons of soybeans, worth 1.17 billion USD; wheat was 4.68 million tons and worth 1.56 billion USD.
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