Screenshot of the article. (Photo: Dieu Huong/VNA)
On February 22, La Nacion - Argentina's leading daily newspaper - reported that Vietnam will be the South American country's number one importer of corn and soybean meal in 2024, with more than 6 million tons of corn and 3.4 million tons of soybean meal.
The newspaper cited statistics from the Rosario Grain Exchange (BCR), Argentina's largest agricultural exchange, saying that Vietnam has become the country's key agricultural trade partner.
According to BCR, in the past 6 years, Argentina, the world's leading agricultural producer, has exported 536 million tons of grain, worth 189 billion USD.
During the 2019-2024 period, excluding 2023 due to a historic drought, Argentina will export an average of nearly 96 million tons of grain per year. More than half of these exports will go to Asia and nearly a quarter to Southeast Asia.
This newspaper commented that in recent times, Southeast Asia's economy has developed very rapidly and the food consumption patterns of countries in the region are also very diverse.
Southeast Asia has become a strategic market for the agricultural sector, accounting for 28% of the world's soybean meal trade, 10% of global pork consumption and 9% of poultry meat.
In the Southeast Asian market, Vietnam accounts for half of Argentina's corn and soybean meal exports to the region.
According to La Nacion, Southeast Asia has become an important destination for Argentine agricultural products over the past decade. Currently, the South American country's exports to Asia have increased 2.7 times compared to 2009, but to Southeast Asia alone they have increased fourfold.
The region’s economic growth is crucial to this process. Between 2009 and 2023, GDP per capita in Vietnam doubled, while in Indonesia and the Philippines it increased by more than 60%. Southeast Asia’s average growth rate is 3.2% per year, far exceeding the world’s 2.1%.
In addition, the Human Development Index (HDI) also improved significantly. In 2022, 7 countries achieved high development and 4 countries achieved very high development.
The paper concludes that demand for animal feed in Southeast Asia is expected to increase. The region will account for 20% of global corn imports and 70% of soybean meal.
Vietnam will continue to be the main trading partner of Argentina's agricultural sector.
Vietnam is expected to import an additional 6 million tons of corn and 1.7 million tons of soybean meal by 2034, accounting for 7% of global corn imports and 9% of global soybean meal imports./.
(Vietnam+)
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