According to preliminary statistics from General Department of Customs, Vietnam's soybean import in the first 5 months of 2024 reached 988,564 tonnes, worth nearly 522.1 million USD, with an average price of 528.1 USD/tonne, up 12.6% in volume, but down 11.2% in turnover and down 21.2% in price compared to the first 5 months of 2023.
In May 2024 alone, soybean import reached 225,917 tonnes, equivalent to 114.34 million USD, with an average price of 506.1 USD/tonne, up 1.4% in volume, up 2.7% in turnover compared to April 2024, and up 1.3% in price; compared to May 2023, it increased sharply by 60.3% in volume, up 32.4% in turnover but down 17.5% in price.
Brazil is the largest market supplying soybeans to Vietnam in the first 5 months of 2024, accounting for nearly 57.8% of the total volume and 55.6% of the total soybean import turnover of the country, reaching 571,686 tonnes, equivalent to nearly 290.27 million USD, price of 507.8 USD/tonne, up 65.2% in volume, up 31.7% in turnover but down 20.3% in price compared to the first 5 months of 2023. The second largest market is the US, in the first 5 months of 2024 reaching 332,464 tonnes, equivalent to 182.7 million USD, price of 549.5 USD/tonne, accounting for 33.6% of the total volume and 35% of the total soybean import turnover of the country, down 25.2% in volume, down 40.2% in turnover and down price 20% compared to the first 5 months of 2023.
The third place is the Canadian market, in the first 5 months of 2024 it reached 47,731 tonnes, equivalent to 29.28 million USD, priced at 613.5 USD/tonne, accounting for 4.8% of the total volume and 5.1% of the total soybean import turnover of the country, down 8.1% in volume, down 24.7% in turnover and down 18% in price compared to the same period last year.
In particular, Cambodia is Vietnam's most active trading partner. Specifically, imports from the Cambodian market in May 2024 reached 407 tonnes, equivalent to 286.15 thousand USD. Meanwhile, in May 2023, Vietnam did not import from this country.
In the first 5 months, imports from the Cambodian market reached 3,322 tonnes, equivalent to 2.4 million USD, priced at 719.8 USD/tonne, up nearly 938.1% in volume, up 851.6% in turnover but down 8.3% over the same period.
Currently, Vietnam is the 3rd largest importer of soybean meal and the 9th largest importer of soybeans in the world. In the past 10 years, our country has consumed an average of nearly 2 million tons of soybeans each year. Thanks to the decrease in soybean prices along with the increase in pork prices, farmers have benefited from the beginning of the year until now.
Over the past two years, soybean prices traded on the Chicago Board of Trade (CBOT) have fallen by more than 37%. Since the beginning of this year, the price of this commodity has also decreased by nearly 13%, currently at its lowest price since November 2020.

Source: Vitic/ congthuong.vn