Vietnamese animal feed and raw materials are sought after, earning 400 million USD

Published Jul 3, 2024

Tridge summary

Vietnam's exports of animal feed and raw materials reached 92.34 million USD in May 2024, an increase of 3.4% compared to April 2024. The first 5 months of 2024 saw exports of these products reach over 403.71 million USD, a decrease of 5.3% compared to the same period in 2023. China is the largest import market for these products, followed by the US and Cambodia. Despite being the world's largest pork producer, China imports animal feed and raw materials due to unstable domestic supply. Vietnam's animal feed output is expected to reach 26.72 million tons in 2022, ranking 8th in the world. The animal feed industry is attracting many FDI enterprises and is predicted to have good growth prospects in 2024.

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

Original content

Source: Kinhte.congthuong.vn According to data from the General Department of Customs, Vietnam's exports of animal feed and raw materials in May reached 92.34 million USD, an increase of 3.4% compared to April 2024. Cumulatively in the first 5 months of 2024, exports of animal feed and raw materials reached over 403.71 million USD, down 5.3% compared to the first 5 months of 2023. China continues to be Vietnam's largest import market for animal feed and raw materials, accounting for 40.2% of total export turnover, reaching more than 162.25 million USD in the first 5 months of the year. However, this number decreases by 15.6% compared to the same period in 2023. Ranked second is the US market with a market share of 12.6%, a sharp increase of 100% compared to the previous year with a turnover of more than 51 million USD. Cambodia is the third largest market with a market share of 11.8%, reaching more than 47 million USD. Vietnam's exports to the Southeast Asian market reached nearly ...

Source: AgroInfo.vn