According to preliminary statistics from General Department of Customs, Vietnam's soybean imports in the first 8 months of 2024 reached nearly 1.45 million tonnes, worth nearly 754.48 million USD, with an average price of 521.6 USD/tonne, up 5.2% in volume, down 13.95% in value and down 18.2% in price compared to the first 8 months of 2023.
In particular, in August 2024 alone, it reached 132,031 tonnes, equivalent to 66.24 million USD, with an average price of 501.7 USD/tonne, down sharply by 46.3% in volume and down 46.9% in value compared to July 2024, with a slight decrease of 1.2% in price; compared to August 2023, it also decreased by 20.5% in volume, down 31.5% in value and down 13.8% in price.
In terms of market, all three soybean powerhouses are increasing their exports to Vietnam: Brazil, the US and Canada. Brazil is the largest market supplying soybeans to Vietnam in the first 8 months of 2024, accounting for 59% of total volume and 56.9% of total soybean import turnover of the country, reaching 852,614 tonnes, equivalent to nearly 429.21 million USD, priced at 503.4 USD/tonne, up 15.9% in volume, but down 2.29% in turnover and down 15.7% in price compared to the first 8 months of 2023. The second largest market is the US, in the first 8 months of 2024 reaching 470,501 tonnes, equivalent to 253.46 million USD, priced at 538.7 USD/tonne, accounting for 32.5% of total volume and 33.6% of total soybean import turnover of the country, down 5.6% in volume, down 25.6% in turnover and down price 21.2% compared to the first 8 months of 2023.
Next, Canadian market in the first 8 months of 2024 reached 83,221 tonnes, equivalent to 49.75 million USD, priced at 597.8 USD/tonne, accounting for 5.75% of total volume and 6.59% of total soybean import turnover of the country, up 10.8% in volume but down 10.8% in turnover and prices down 19.6% compared to the same period last year.
In the latest Crop Progress report, the US Department of Agriculture (USDA) said that US farmers have completed planting 93% of the expected soybean acreage, lower than last year but still higher than the 5-year average. Favorable weather in the US is expected to help farmers boost planting while improving crop quality. The market is currently expecting a bumper crop in the US this year, increasing global supply.
Currently, Vietnam is the third largest importer of soybean meal and the ninth largest importer of soybeans in the world. In the past 10 years, Vietnam has consumed an average of nearly 2 million tonnes of soybeans each year. Thanks to decrease in soybean prices along with increase in pork prices, farmers have benefited from the beginning of the year until now.
In 2023, the whole country imported over 1.86 million tonnes of soybeans, worth nearly 1.17 billion USD, with an average price of 629.4 USD/tonne, up by 1.1% in volume, down by 8.3% in turnover.

Source: Vitic/ congthuong.vn