Vietnam: Sugar imports in the first 9 months of the year from 5 ASEAN countries increased 6 times over the same period

Published 2021년 11월 20일

Tridge summary

Vietnam has set a new record by spending over 610.7 million USD to import more than 1.3 million tons of sugar in the first nine months of 2021, an increase from the same period in 2020 when 439 million USD was spent to import nearly 1.1 million tons. This surge in imports, which is double the domestic sugar production in the 2020-2021 crop year, is due to decreased domestic demand caused by the COVID-19 epidemic and unusual imports from ASEAN countries, including Cambodia, Laos, Malaysia, Myanmar, and Indonesia. The Vietnam Sugarcane Association (VSSA) anticipates that this trend will persist, leading to a surplus of sugar in the market and potentially driving down domestic sugar prices.

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Original content

According to the Vietnam Sugarcane Association (VSSA) in just the first nine months of 2021, Vietnam spent a record amount of more than 610.7 million USD to import more than 1.3 million tons of sugar, higher than the same period last year. in 2020 is nearly 439 million USD to import nearly 1.1 million tons of sugar. The record amount of sugar flooding into the country while the demand for sugar in the country decreased under the effect of the COVID-19 epidemic caused sugar prices in October to continuously decrease. According to data from the General Department of Customs, in the first nine months of 2021, there continued to be an unusual phenomenon in sugar imports into Vietnam from a number of ASEAN countries. The amount of sugar imported from Cambodia, Laos, Malaysia, Myanmar, and Indonesia into Vietnam has increased 6 times, from 108,400 tons to more than 664,300 tons when compared to the same period in the first 9 months of 2020. "This behavior shows signs of evading trade ...

Source: Vietnambiz