Brazil was the largest soybean supplier to Vietnam over the past 8 months of this year, accounting for 59% of the total volume and 56.9% of the total soybean import turnover of the country.
According to preliminary statistics from the General Department of Customs, Vietnam's soybean imports throughout the reviewed period reached nearly 1.45 million tons, worth roughly US$754.48 million.
The US represented the second largest market, reaching 470,501 tons, equivalent to US$253.46 million, followed by the Canadian market with 83,221 tons valued at US$49.75 million.
In its latest crop progress report, the US Department of Agriculture (USDA) said that US farmers have completed planting 93% of their planned soybean acreage, lower than last year but still above the five-year average.
Favorable weather in the US is expected to help farmers boost planting and improve crop quality. Other markets are now expecting a bumper US crop this year, thereby increasing global supplies.
Vietnam is currently the 3rd largest importer of soybean meal and the 9th largest importer of soybeans in the world.
In the past 10 years, the nation consumes an average of nearly 2 million tons of soybeans each year. Thanks to a decrease in soybean prices and an increase in pork prices, farmers have benefited double since the beginning of the year.
In 2023, the country imported more than 1.86 million tons of soybeans, worth nearly US$1.17 billion, with an average price of 629.4 USD/ton, up 1.1% in volume and down 8.3% in value.
