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Soybean import markets in 8 months of 2023 

 Wednesday, September 27,2023

AsemconnectVietnam - In the first eight months of 2023, Vietnam imported nearly 1.37 million tonnes of soybeans, worth of nearly 876.75 million USD, with an average price of 637.8 USD/tonne.

According to the preliminary statistics figures of the General Department of Customs, soybean imports in August of 2023 reached 166,091 tonnes, equivalent to 96.65 million USD, average price was 581.9 USD/tonne, an increase of 83.8% in volume and increased turnover by 86% compared to July of 2023, and the price increased by 1.2%. In comparison to August of 2022, it also increased sharply by 207% in volume and 138% in turnover, but the price decreased by 22.6%.
In the first 8 months of 2023, the whole country imported nearly 1.37 million tonnes of soybean, worth of nearly 876.75 million USD, the average price was 637.8 USD/tonne, up by 7.1% in volume, but down by 2% in turnover and a decrease of 8.5% in price compared to the first 8 months of 2022.
Soybeans imported to Vietnam from the Brazilian market the most. In August of 2023, the country’s imports of soybean from Brazil increased sharply by 101.4% in volume and 108.5% in turnover compared to July of 2023, the price increased slightly by 3.5%, reaching 142,958 tonnes, equivalent to 81.03 million USD, and the price was 566.8 USD/tonne. Overall, in the first eight months of 2023, soybean imports from this market reached 735,484 tonnes, equivalent to 439.25 million USD, accounting for 53.5% of the total volume and 50% of the country's total soybean import turnover of the country, down by 8.1% in volume, down by 22.2% in turnover, and the price was down by 15.3% over the same period last year.
The imports of soybeans from the US market - the second largest market in the first 8 months of 2023 reached 498,347 tonnes, equivalent to 340.73 million USD, the price was at 683.7 USD/tonne, accounting for 36.3% of the total volume and accounting for 38 9% of the country's total soybean import turnover, up by 22.9% in volume, up by 24.6% in turnover and the price was up by 1.4% over the same period last year.
In addition, soybean imports from the Canadian market in the first 8 months of 2023 reached 75,088 tonnes, equivalent to over 55.8 million USD, priced at 743 USD/tonbe, up by 7.8% in volume, up by 10% in turnover and the price increased by 2.1% over the same period last year. The imports from the Cambodian market reached 375 tonnes, equivalent to 292,550 USD, priced at 780 USD/tonne, a sharp decrease of 94% in both volume and turnover but an increase of 3.5% in price.
CK
Source: VITIC

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