Imports of a type of nut from the Cambodian market grew more than 1,300%

According to preliminary statistics from the General Department of Customs, in January 2024, Vietnam imported 212,228 tons of soybeans, equivalent to 122.08 million USD, up 4.4% in volume, up 0.9% in value compared to December 2023; and compared to January 2023, it increased sharply by 208.9% in volume, up 164.5% in value. The average export price reached 575.3 USD/ton, down 3.4% compared to December 2023, down sharply by 14.4% compared to January 2023.

Nhập khẩu một loại hạt từ Campuchia tăng trưởng 1.300%

Soybean imports from Cambodia grow 1,300%

The United States continues to be the leading soybean supplier to Vietnam, accounting for nearly 61% of the total volume and total soybean import turnover of the country, reaching 129,210 tons, equivalent to over 73.53 million USD, up 29.3% in volume, up 25% in turnover compared to December 2023; compared to January 2023, it increased sharply by 128.4% in volume, up 96% in turnover. The average export price in January 2024 reached 569 USD/ton, down 14.2% over the same period last year.

Next is the Brazilian market, accounting for over 32% of the total volume and total turnover, reaching 68,865 tons, equivalent to nearly 39.49 million USD, down 25.4% in volume and down 28.6% in turnover compared to December 2023; in January 2023, Vietnam did not import soybeans from this market.

The Canadian market ranked third with 11,609 tons, equivalent to 7.3 million USD, priced at 629 USD/ton, up 27.9% in volume, up 28% in turnover compared to December 2023; up 12.7% in volume, but down 1.4% in turnover compared to January 2023, accounting for 5.5% of the total volume and 6% of the total soybean import turnover of the country.

Notably, imports from the Cambodian market in January 2024 reached 742 tons, equivalent to 543,710 USD, with an average price of 732.8 USD/ton, compared to January 2023, a sharp increase of 1,384% in volume, an increase of 1,259% in turnover but a decrease of 8.4% in price.

Every year, our country consumes an average of nearly 2 million tons of soybeans and ranks 3rd on the world import map. About 70% of this is used for oil pressing to produce soybean meal - the main ingredient in animal feed mixtures.

Unstable weather conditions in major 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. In some areas, prolonged heavy rains have flooded soybean fields, causing severe crop damage and delaying harvest.

The volatile weather conditions in these regions are putting enormous pressure on soybean producers and exporters, as well as posing new challenges in managing risk and stabilizing prices in global markets.

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