China is the largest export market for Vietnam's animal feed and raw materials.

According to preliminary statistics from the General Department of Customs, in the first 7 months of 2024, Vietnam exported nearly 584.18 million USD worth of animal feed and raw materials, down 10.5% compared to the first 7 months of 2023.

In July 2024 alone, animal feed and raw material exports reached over 90.65 million USD, up 4.7% compared to June 2024 but down 30% compared to July 2023.

China is the largest export market for Vietnam's animal feed and raw materials, accounting for 40.9% of the country's total export turnover of animal feed and raw materials.

China is Vietnam's largest export market for animal feed and raw materials. Illustrative photo

In the first 7 months of 2024, exports of animal feed and raw materials to this market reached nearly 239.15 million USD, down 23.5% compared to the first 7 months of 2023; in July 2024 alone, exports to this market reached 38.22 million USD, up 4.5% compared to June 2024 but down 46.6% compared to July 2023.

Next is the US market reaching over 74.87 million USD, up 80.2%, accounting for 12.8%. Exports of animal feed and raw materials to the Southeast Asian market reached over 175.76 million USD, down 18.1% compared to the first 7 months of 2023, accounting for 30% of the total export turnover of animal feed and raw materials of the whole country.

Notably, exports to Bangladesh have been increasing sharply in recent months. In the first 7 months of the year, although our country's exports to this country only reached 3.9 million USD, it increased by 72.93% compared to 2023. In July alone, exports increased by 160% over the same period.

Despite economic challenges and high feed prices, demand for animal feed is expected to increase in Bangladesh as large commercial poultry farms expand operations, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture. As a result, many businesses here have turned to Vietnam to increase their supply.

Total bilateral trade turnover between the two countries has grown strongly in recent times from 93 million USD in 2009 to 927 million USD in 2023. Regarding agricultural products, Vietnam exports to Bangladesh items including rice, rubber, rubber products, animal feed and raw materials.

Over the past 20 years, Vietnam's animal feed technology and quality have improved significantly, fully meeting the requirements of demanding import markets.

According to the Alltech Agricultural Outlook 2023 report, Vietnam's output reached 26.720 million tons, ranking 8th in the world. Vietnam is also in the world's top 10 in terms of global animal feed and aquaculture production.

Currently, the country has 269 factories producing complete mixed industrial animal feed with a total designed capacity of 43.2 million tons. Of these, 90 factories are owned by FDI enterprises (accounting for 33.5% in quantity; 51.3% in design capacity) and 179 factories belong to domestic enterprises (accounting for 66.5% in quantity and 48.7% in design capacity).

Thanks to its strong growth potential in recent years, the Vietnamese animal feed market is attracting many businesses to participate, including many foreign-invested enterprises expanding their production and business.

Source: https://congthuong.vn/trung-quoc-la-thi-truong-xuat-khau-lon-nhat-thuc-an-gia-suc-va-nguyen-lieu-cua-viet-nam-342427.html