AsemconnectVietnam - In the first 11 months of 2023, the country imported 1.66 million tonnes of soybeans, worth of over 1.05 billion USD, with an average price of 633.6 USD/tonne.

According to the preliminary statistics figures of the General Department of Customs, Vietnam’s soybean imports in November of 2023 reached 45,320 tonnes, equivalent to 30.24 million USD, the average price was at 667.3 USD/tonne, a sharp decrease of 67.4% in volume and reduced turnover by 63.9% compared to October of 2023, the price increased by 10.6%. In comparison to November of 2022, it was down by 56.3% in volume, down by 57.9% in turnover and down by 3.6% in price.
In the first 11 months of 2023, the whole country imported 1.66 million tonnes of soybeans, worth of over 1.05 billion USD, the average price was at 633.6 USD/tonne, up by 1.3% in volume but down by 7.8% in price and a decrease of 8.9% in price compared to the same period of 2022.
Soybeans were imported to Vietnam the most from the Brazilian market. In November of 2023 alone there were no imports. Overall, in the first 11 months of 2023, the country’s imports of soybean from this market reached 895,240 tonnes, equivalent to 530.77 million USD, accounting for 54% of the total volume and 50.6% of the country's total soybean import turnover.
Soybean imports from the US market - the second largest market in November of 2023 decreased by 17.4% in volume, decreased by 20.8% in turnover compared to October of 2023 and the prices decreased by 4.2%, reaching 25,554 tonnes, equivalent to 15.96 million USD, the average price was at 624.7 USD/tonne. For the entire 11 months of 2023, the imports from this market reached 577,838 tonnes, equivalent to 391.92 million USD, priced at 678.3 USD/tonne, accounting for 34.9% of the total volume and 37.4% of turnover. The country's soybean imports increased by over 16.2% in volume and 15% in turnover but the price decreased by 1% over the same period last year.
In addition, soybean imports from the Canadian market in the first 11 months of the year reached 98,548 tonnes, equivalent to over 72.68 million USD, priced at 737.5 USD/tonne, up by 19.7% in volume, up by 19% in turnover but the prices decreased by 0.6% over the same period last year. The imports from the Cambodian market reached 14,219 tonnes, equivalent to 10.69 million USD, priced at 751.8 USD/tonne, a sharp decrease of nearly 34.5% in volume, 38% decrease in turnover and 5.4% decrease in price.
CK
Source: VITIC