IN 10 MONTHS, VIETNAM SPENT 1.02 BILLION USD ON SOYBEAN IMPORTS

Logistic News

IN 10 MONTHS, VIETNAM SPENT 1.02 BILLION USD ON SOYBEAN IMPORTS

18 November 2023

In the first 10 months of 2023, the country will import over 1.61 million tons of soybeans, worth nearly 1.02 billion USD, with an average price of 632.6 USD/ton.

According to preliminary statistics of the General Department of Customs, soybean imports in October 2023 reached 138,874 tons, equivalent to 83.81 million USD, the average price was 603.5 USD/ton, up 43.2% in volume and 43.9% in turnover compared to September 2023, prices increased slightly by 0.5%; Compared to October 2022, it increased slightly by 4% in volume but decreased by 7.9% in turnover and prices decreased by 11.5%.

Accumulated in the first 10 months of 2023, the country imported over 1.61 million tons of soybeans, worth nearly 1.02 billion USD, with an average price of 632.6 USD/ton, up 5.2% in volume, but down 4.4% in turnover and down 9.1% in price compared to the first 10 months of 2022.

Soybeans imported to Vietnam from the Brazilian market the most, in October 2023 will increase sharply by over 39% in both volume and turnover compared to September 2023, the price will increase slightly by 0.2%, reaching 92,929 tons, equivalent to 53.28 million USD, priced at 573.4 USD/ton; In general, in the first 10 months of 2023, soybean imports from this market reached 895,240 tons, equivalent to 530.77 million USD, accounting for 55.6% of the total volume and accounting for 52.1% of the total soybean import turnover of the country, down 3.2% in volume, down 18% in turnover, prices down 15.3% over the same period last year.

Soybean imports from the US market - the 2nd largest market in the first 10 months of 2023 reached 552,284 tons, equivalent to 375.96 million USD, priced at 680.7 USD/ton, accounting for 34.3% of the total volume and accounting for 36.9% of the total soybean import turnover of the country, up over 16% in both volume and turnover but prices decreased by 0.5% over the same period last year.

In addition, soybean imports from the Canadian market in the first 10 months of 2023 reached 90,553 tons, equivalent to over 66.97 million USD, priced at 739.6 USD/ton, up over 12% in both volume and turnover over the same period last year but prices decreased slightly by 0.1%. Imports from Cambodia market reached 3,564 tons, equivalent to 2.71 USD, priced at 761.4 USD/ton, a sharp decrease of 69.4% in volume and 70.3% in turnover and 2.7% in price.