Vietnam: Imported corn prices have cooled down, but the price of animal feed will still increase

Published 2021년 11월 19일

Tridge summary

Vietnam's corn imports in October reached 819 thousand tons with a turnover of 234 million USD, marking a 14% increase in volume and a 6% increase in value compared to September. From January to October, the country imported 8.5 million tons of corn, valued at 2.4 billion USD, marking a 15% decrease in volume but a 21% increase in value year-over-year. The country relies heavily on imported raw materials for its animal feed industry, which has seen a significant increase in costs due to rising raw material prices. The Food and Agriculture Organization of the United Nations has reported a 30% increase in food prices over the past year due to increased demand and decreased output caused by adverse weather.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to the General Department of Customs, corn imports in October reached 819 thousand tons, with a turnover of 234 million USD, up 14% in volume, up 6% in value compared to September. Accumulating 10 months, the country's corn imports reached 8.5 million tons, equivalent to 2.4 billion USD, down 15% in volume and up 21% in value over the same period last year. Sharing about this, Mr. Nguyen Thanh Son, Chairman of the Vietnam Poultry Breeding Association (VIPA) Vietnam ranks 10th in the world and 1st in Southeast Asia in terms of industrial animal feed production. However, Vietnam's industrial animal feed industry still depends on 90% of raw materials imported from abroad. While, the price of raw materials normally accounts for about 80-85% of the production cost of animal feed. Since the end of 2020, the price of raw materials has increased by 16-36%, causing the price of animal feed to increase 8-9 times, equivalent to 15-20%. Recently, the Food and Agriculture ...

Source: Vietnambiz