Việt Nam to spend US$1.7 billion on meat imports

Published 2024년 12월 13일

Tridge summary

Vietnam's meat and by-products imports are projected to rise significantly in 2024, with estimated expenditure reaching US$1.7 billion. This marks a 14.2% increase from the first 11 months of the year, during which the country spent nearly US$1.6 billion on meat imports. India is the primary supplier, contributing approximately 23% of the total imports. Other countries like Australia, the US, Canada, Poland, South Korea, the Netherlands, Italy, Turkey, Japan, Belgium, and France also contribute to the surge in meat imports. The rise in imports is attributed to the implementation of free trade agreements, which have progressively reduced import tariffs, leading to lower prices and increased demand among domestic businesses. Vietnam, being one of the top ten pork-consuming nations globally, is expected to see its pork production grow to four million tonnes by 2025 and 4.7 million tonnes by 2030 at an average annual rate of 3.1%.

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

Original content

Việt Nam's meat and byproducts imports are set to surge in 2024, with spending expected to reach about US$1.7 billion. In the first 11 months of 2024, Việt Nam spent nearly US$1.6 billion on importing meat and meat by-products, marking a 14.2 per cent increase year-on-year, according to the General Department of Customs. At the current rate, Việt Nam's spending on these imports is projected to exceed $1.7 billion by the end of this year. India remains the main supplier of meat and meat products, accounting for nearly 23 per cent of the country's total imports in this category. Over the first ten months, Việt Nam imported about 160,000 tonnes of meat from India, valued at $531.5 million, an increase of 13 per cent in volume and 28 per cent in value year-on-year. Việt Nam's meat imports from other markets have also grown year-on-year, including Australia, the US, Canada, Poland, South Korea, the Netherlands, Italy, Turkey, Japan, Belgium and France. Over the past 11 months, Việt Nam ...

Source: WTOCenter