According to statistics from the General Department of Customs, in March 2024, the country imported 468,999 tons of wheat, equivalent to 131.4 million USD, with an average price of 280.2 USD/ton, down 6.9% in volume and 1.9% in value compared to February 2024 but the price increased by 5.3%. Compared to March 2023, it also decreased by 20.9% in volume, 39% in value and 22.8% in price.
In the first 3 months of 2024, the country's imported wheat volume reached nearly 1.51 million tons, equivalent to over 421.39 million USD, an increase of 24.2% in volume, but a decrease of 5.2% in turnover compared to the first 3 months of 2023, the average price reached 279.7 USD/ton, a decrease of 23.7%.
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| In the first 3 months of 2024, the whole country imported nearly 1.51 million tons of wheat, equivalent to over 421.39 million USD. |
In March 2024, wheat imports from the main market Brazil decreased by 12.2% in volume and 12.9% in value compared to February 2024, and the price decreased by 0.8%, reaching 236,026 tons, equivalent to 59.05 million USD, at a price of 250.2 USD/ton; compared to March 2023, it increased sharply by 384% in volume, increased by 240.5% in value but decreased by 29.7% in price.
In the first 3 months of 2024, wheat imports from the Brazilian market accounted for 42.7% of the total volume and 38.6% of the total wheat import turnover of the whole country, reaching over 642,957 tons, equivalent to 162.52 million USD, with an average price of 252.8 USD/ton, up 145.8% in volume, up 69.6% in turnover but down 31% in price compared to the first 3 months of 2023.
Behind the main market Brazil is the Australian market, accounting for 19% of the total volume and 21.8% of the total turnover, reaching 285,551 tons, equivalent to 91.37 million USD, with an average price of 320 USD/ton, down 64.9% in volume, down 68.6% in turnover and down 10.4% in price compared to the first 3 months of 2023.
Next, the Ukrainian market reached 147,094 tons, equivalent to 38.58 million USD, price 262.3 USD/ton, accounting for 9.8% of the total volume and 9.2% of the total wheat import turnover of the country.
Wheat imports from the US market reached 106,997 tons, equivalent to 35.24 million USD, up 48% in volume and 12.2% in value compared to the first 3 months of 2023.
The International Grains Council (IGC), which includes major wheat producing and importing countries, forecasts global wheat production in the 2023-2024 season at 784 million tonnes, down 2.4% from the previous season.
World wheat consumption in 2023/24 is forecast to increase from the December 2023 forecast, largely due to increased feed use in the EU, and is forecast to increase by 2% from 2022/23.
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