Wheat imports from Ukraine market increased by more than 800% in 8 months

According to statistics from the General Department of Customs, in August 2024, the country imported 269,712 tons of wheat, equivalent to 73.25 million USD, with an average price of 271.6 USD/ton, down 14.8% in volume, down 20.7% in turnover compared to July 2024 and down 6.9% in price. Compared to August 2023, it decreased 15.8% in volume, down 29.4% in turnover and down 16.2% in price.

In the first 8 months of 2024, the country's imported wheat volume reached nearly 3.71 million tons, equivalent to nearly 1.03 billion USD, an increase of 20.6% in volume, but a decrease of 5.3% in value compared to the first 8 months of 2023, with an average price of 277.1 USD/ton, a decrease of 21.5%.

Wheat imports from the Ukrainian market increased by more than 800% in 8 months. Illustrative photo

In the first 8 months of 2024, wheat imports from the main market Brazil accounted for 31.7% of the total volume and 28.5% of the total wheat import turnover of the country, reaching over 1.17 million tons, equivalent to 293.15 million USD, with an average price of 249.6 USD/ton, a sharp increase of 348.9% in volume, an increase of 205.9% in turnover but a decrease of 31.9% in price compared to the first 8 months of 2023. In August 2024 alone, no wheat was imported from this market.

Following the main market Brazil is the Australian market, accounting for 21.1% of the total volume and 23.5% of the total turnover, reaching 782,572 tons, equivalent to over 241.69 million USD, with an average price of 308.9 USD/ton, down 65.4% in volume, down 69% in turnover and down 10.6% in price compared to the first 8 months of 2023.

Wheat imports in the first 8 months of 2024 - calculated according to data from the General Department of Customs. Source: Vinanet

Next, the Ukrainian market reached 736,590 tons, equivalent to 190.65 million USD, price 258.8 USD/ton, accounting for 19.9% ​​of the total volume and 18.6% of the total wheat import turnover of the country, a very strong increase of 808% in volume, 729% in turnover but a decrease of 8.7% in price.

Wheat imports from the US market reached 258,738 tons, equivalent to 84.68 million USD, priced at 327.3 USD/ton, down 0.2% in volume, down 17.2% in turnover and down 17% in price compared to the first 8 months of 2023.

According to a report in early April by the US Department of Agriculture (USDA), global wheat production in the 2023-2024 crop year will be about 12.6 million tons short of consumption demand. And this is also the fourth consecutive season to witness a deficit in the supply-demand balance in the wheat market.

With both rice and wheat production growth failing to keep pace with demand, world food security remains threatened as rice and wheat together account for 57% of global cereal production.

According to calculations, with the current world population, the demand for wheat is expected to be greater than 800 million tons. It is foreseeable that the wheat supply-demand balance will be in deficit for the fifth consecutive year. In addition, the International Grains Council (IGC) also adjusted down 3.6 million tons of ending stocks for the 2023-2024 season compared to the March figures.

Source: https://congthuong.vn/nhap-khau-lua-mi-tu-thi-truong-ukraine-tang-hon-800-trong-8-thang-346920.html