According to preliminary statistics from the General Department of Customs, in January 2024, Vietnam imported 212,228 tons of soybeans, equivalent to 122.08 million USD, increasing by 4.4% in volume and 0.9% in value compared to December 2023; compared to January 2023, there was a strong increase of 208.9% in volume and 164.5% in value.
The average export price reached 575.3 USD/ton, a decrease of 3.4% compared to December 2023 and a sharp decrease of 14.4% compared to January 2023.
The United States continues to be the leading supplier of soybeans to Vietnam, accounting for nearly 61% of the total volume and value of soybean imports in the country, reaching 129,210 tons, equivalent to over 73.53 million USD, increasing by 29.3% in volume and 25% in value compared to December 2023; compared to January 2023, there was a strong increase of 128.4% in volume and 96% in value. The average export price in January 2024 reached 569 USD/ton, a decrease of 14.2% compared to the same period last year.
The Brazilian market accounted for over 32% of the total volume and value, reaching 68,865 tons, equivalent to nearly 39.49 million USD, a decrease of 25.4% in volume and 28.6% in value compared to December 2023; in January 2023, Vietnam did not import soybeans from this market.
The Canadian market ranked third with 11,609 tons, equivalent to 7.3 million USD, priced at 629 USD/ton, an increase of 27.9% in volume and 28% in value compared to December 2023; a 12.7% increase in volume, but a 1.4% decrease in value compared to January 2023, accounting for 5.5% of the total volume and 6% of the total value of soybean imports in the country.
Notably, imports from the Cambodian market in January 2024 reached 742 tons, equivalent to 543,710 USD, with an average price of 732.8 USD/ton, a sharp increase of 1,384% in volume and 1,259% in value but a decrease of 8.4% in price compared to January 2023.
In the past 10 years, Vietnam has consumed an average of nearly 2 million tons of soybeans annually. In 2022, Vietnam imported about 5.3 million tons from the international market and ranked third on the world import map.
About 70% of this is used for oil pressing activities to produce soybean meal – the main ingredient in animal feed. The majority of soybean consumption in our country is still met by imported sources. However, the large import volume in recent months has driven up prices of raw materials and animal feed, causing farmers to have no profit.
Unstable weather conditions in important soybean producing regions such as the United States, Brazil, and Argentina are causing concerns about the global soybean supply. Factors such as drought, floods, and storms have had negative impacts on the farming and harvesting process. In some areas, prolonged heavy rains have flooded soybean fields, causing significant damage to crops and delays in harvesting.
In other areas, prolonged drought has reduced the necessary water supply for crops, affecting the development and quality of soybeans. This leads to uncertainty about the amount of soybean output that will be harvested this year, and forecasts about the international soybean supply have become difficult.
The unstable weather fluctuations in these regions are putting great pressure on soybean producers and exporters, as well as presenting new challenges in managing risks and stabilizing prices in the global market.
