According to preliminary statistics from the General Department of Customs, soybean imports in the first 9 months of 2024 reached over 1.59 million tons, worth nearly 825.81 million USD, with an average price of 518 USD/ton, up 8.3% in volume, down 11.7% in turnover and down 18.4% in price compared to the first 9 months of 2023.
Of which, September 2024 alone reached 148,004 tons, equivalent to 71.8 million USD, the average price was 485.1 USD/ton, up 12% in volume and 8.4% in turnover compared to August 2024, the price decreased slightly by 3.3%; compared to September 2023, it increased sharply by 52.6% in volume, decreased by 23.3% in turnover but decreased by 19.2% in price.
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| Vietnam is the third largest importer of soybean meal and the ninth largest importer of soybeans in the world. Photo: The Hai |
Brazil is the largest market supplying soybeans to Vietnam in the first 9 months of 2024, accounting for 59% of the total volume and 56.9% of the total soybean import turnover of the country, reaching 940,359 tons, equivalent to nearly 469.81 million USD, priced at 499.6 USD/ton, up 17.2% in volume, but down 1.6% in turnover and down 16% in price compared to the first 9 months of 2023.
The second largest market is the US, in the first 9 months of 2024 reaching 514,984 tons, equivalent to 275.58 million USD, price 535 USD/ton, accounting for 32.3% of the total volume and 33.4% of the total soybean import turnover of the country, down 1.2% in volume, down 22.6% in turnover and down 21.6% in price compared to the first 9 months of 2023.
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| Soybean imports in the first 9 months of 2024. Source: General Department of Customs |
Next, the Canadian market in the first 9 months of 2024 reached 97,710 tons, equivalent to 58.12 million USD, price 594.8 USD/ton, accounting for 6.1% of the total volume and 7% of the total soybean import turnover of the country, up 21.1% in volume, but down 3.1% in turnover and price down 20% compared to the same period last year.
Imports from the Cambodian market reached 4,362 tons, equivalent to 3.16 million USD, accounting for 0.27% of the total volume and 0.38% of the total soybean import turnover of the country, up 862.91% in volume and 799.4% in turnover over the same period last year.
According to agricultural experts, corn and soybeans are both familiar crops in Vietnam. However, the area under these two crops is still small, and their productivity is 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. In 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 until now.
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 drought, floods and hurricanes have negatively impacted planting and harvesting.
This volatility is putting enormous pressure on soybean producers and exporters and posing new challenges in managing risk and stabilizing prices in the global market.
Fluctuations in production and supply have had a profound impact on global markets, causing significant swings in prices and business conditions. These fluctuations can be caused by a variety of factors, including unpredictable weather conditions, trade wars between countries, government agricultural policies, and even geopolitical events in major producing countries.
Source: https://congthuong.vn/nhap-khau-dau-tuong-9-thang-nam-2024-tang-ve-luong-giam-ve-tri-gia-353546.html
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