Soybeans from Cambodia are massively landing in Vietnam, helping farmers make big profits: growing more than 300%, our country's import ranks third in the world

Published 2024년 4월 9일

Tridge summary

In the first two months of 2024, Vietnam's soybean imports saw a mixed trend with a 3% increase in volume to over 339,129 tons, yet experiencing a 9.5% decrease in turnover and a 19.5% decrease in price compared to the same period in 2023. The US and Brazil remained the top suppliers, although US shipments to Vietnam significantly dropped, while imports from Cambodia surged. As a major player in the soybean market, ranking 3rd globally in soybean meal imports and 9th in soybeans, Vietnam's import demand is projected to grow by 3-5% annually. Despite a decrease in the prices of main animal feed ingredients in Q1 2024, domestic finished animal feed prices are unlikely to revert to pre-epidemic levels, benefiting small farmers and closed livestock enterprises due to lower feed costs and stable live-weight pork prices.

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

Original content

Source: markettimes.vn According to preliminary statistics of the General Department of Customs, Vietnam's soybean imports in the first 2 months of 2024 reached over 339,129 tons, worth 193.04 million USD, average price 569.2 USD/ton, an increase of 12,000 USD/ton. 3% in volume, but down 9.5% in turnover and 19.5% in price compared to the first 2 months of 2023. Of which, February 2024 alone reached 126,901 tons, equivalent to 70.96 million USD, average price 559.2 USD/ton, down 40.2% in volume and 41.9% in turnover compared to January/2024. 2024, prices will also decrease by 2.8%; Compared to February 2023, it also decreased sharply by 45.6% in volume, 57.6% in turnover and 22% in price. The US is the largest market supplying soybeans to Vietnam in the first 2 months of 2024, accounting for nearly 52% of the country's total soybean import volume and turnover, reaching 175,906 tons, equivalent to nearly 99.5 million. USD, price 565.6 USD/ton, down 16.5% in volume, down 33.5% in ...

Source: AgroInfo.vn