In February 2024, Vietnam's corn imports decreased in volume and value.

According to preliminary statistics from the General Department of Customs, in February 2024, Vietnam imported 932,291 tons of corn, equivalent to more than 237 million USD, down 5% in both volume and value compared to the previous month. In the first two months of the year, corn imports reached 487 million USD with more than 1.91 million tons, up sharply by 34% in volume and 2% in value compared to the same period in 2023.

Brazil is the largest market supplying corn to Vietnam in the first two months of 2024, accounting for 61.5% of the total volume and 62.5% of the total corn import turnover of the country, reaching 1.18 million tons, equivalent to nearly 304.5 million USD, priced at 258.9 USD/ton, a sharp increase of 43.4% in volume, an increase of 11.7% in turnover but a decrease of 22.1% in price compared to the first two months of 2023.

In February 2024, Vietnam imported 932,291 tons of corn, equivalent to more than 237 million USD.

The second largest market is Argentina, in the first two months of 2024, reaching 330,315 tons, equivalent to 82.72 million USD, price 250.4 USD/ton, accounting for over 17% of the total volume and total import turnover of corn of the whole country, up 18.8% in volume, but down 11.3% in turnover and price down 25.4% compared to the first two months of 2023.

Next, the Lao market in the first two months of 2024 reached 48,336 tons, equivalent to 12.39 million USD, priced at 256.3 USD/ton, accounting for 2.5% of the total volume and total corn import turnover of the country, up 9% in volume, but down 20% in turnover. The average import price reached 256 USD, down 26.6% over the same period last year.

According to Statista, Vietnam is among the 30 largest corn growing countries in the world but is also among the top corn importing countries in the world, behind China, Europe, Mexico, Japan, South Korea and Egypt.

According to the General Statistics Office, corn output in 2022 reached 4.41 million tons, down 0.8% compared to the previous year. Thus, compared to 2022, Vietnam's corn output is 8.5 times higher than that of the Lao market. In 2023, grain output in 2023 reached 47.9 million tons, an increase of 790 thousand tons compared to 2022, of which corn output reached 4.4 million tons, down 4.7 thousand tons.

Source: https://congthuong.vn/thang-22024-nhap-khau-ngo-cua-viet-nam-giam-ve-luong-va-kim-ngach-309398.html