Soybean imports from the US offset the supply for Vietnam

Source: mekongasean.vn In May 2023, according to the General Department of Customs, Vietnam imported 140,895 tons of soybeans with USD 86.38 million, down 40% in volume and 44% in value compared to the previous month. Compared to the same period last year, soybean import volume and value decreased by 25% and 37% respectively. Accumulated in the first 5 months of 2023, Vietnam imported 877,686 tons of soybeans with USD 587 million, down 4% and 5% respectively over the same period in 2022. In the first 5 months of 2023, the US is the largest soybean import market when accounting for 50% of Vietnam's soybean imports, equivalent to 444,031 tons. In general, with 5-month import data, Vietnam is increasing soybean imports from the US market. Except for the first month of the year and May, which recorded a decrease of about 40%, the remaining months all recorded an increase of 60% or more, notably in February 2023, the amount of soybean imports from the US increased by 294%. From ...