According to preliminary statistics from General Department of Customs, soybean imports in the first 9 months of 2024 reached over 1.59 million tons, worth nearly 825.81 million USD, with an average price of 518 USD/tonne, up 8.3% in volume, down 11.7% in turnover and down 18.4% in price compared to the first 9 months of 2023.
In particular, September 2024 alone reached 148,004 tonnes, equivalent to 71.8 million USD, with an average price of 485.1 USD/tonne, up 12% in volume and up 8.4% in turnover compared to August 2024, with a slight decrease of 3.3% in price; compared to September 2023, it increased sharply by 52.6% in volume, down 23.3% in turnover but down 19.2% in price.
Brazil is the largest market supplying soybeans to Vietnam in the first 9 months of 2024, accounting for 59% of total volume and 56.9% of total soybean import turnover of the country, reaching 940,359 tonnes, equivalent to nearly 469.81 million USD, priced at 499.6 USD/tonne, up 17.2% in volume but down 1.6% in turnover and down 16% in price compared to the first 9 months of 2023. The second largest market is the US, in the first 9 months of 2024 reaching 514,984 tonnes, equivalent to 275.58 million USD, priced at 535 USD/tonne, accounting for 32.3% of total volume and 33.4% of total soybean import turnover of Vietnam, down 1.2% in volume, down 22.6% in turnover and down 21.6% in price compared to the first 9 months of 2023.
Next, Canadian market in the first 9 months of 2024 reached 97,710 tonnes, equivalent to 58.12 million USD, price 594.8 USD/tonne, accounting for 6.1% of total volume and 7% of total soybean import turnover of Vietnam, up 21.1% in volume but down 3.1% in turnover and price down 20% compared to the same period last year.
Imports from Cambodian market reached 4,362 tonnes, equivalent to 3.16 million USD, accounting for 0.27% of total volume and 0.38% of total soybean import turnover of Vietnam, up 862.91% in volume and up 799.4% in turnover compared to the same period last year.
According to agricultural experts, corn and soybeans are both familiar crops in Vietnam. However, area of these two crops is still small and productivity is also far lower than that of other countries in the world. Currently, output of corn and soybeans is still quite modest compared to the demand. Therefore, businesses have to import large quantities of goods to serve needs of animal feed production as well as domestic consumption.
Currently, Vietnam is the third largest importer of soybean meal and ninth largest importer of soybeans in the world. In 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 the first months of 2024, soybean market has witnessed a series of factors that significantly affected prices. From unstable weather conditions to fluctuations in production and supply, all have created a multi-dimensional picture of soybean price trends.
Unstable weather conditions in important soybean producing regions such as the United States, Brazil and Argentina are causing concerns about soybean supply in global market. Factors such as droughts, floods and storms have caused negative impacts on planting and harvesting process.
This volatility is putting enormous pressure on soybean producers and exporters, as well as posing new challenges in managing risks and stabilizing prices in the global market.
Volatility in production and supply has had a strong impact on the global market, causing significant fluctuations in prices and business conditions. These fluctuations can stem from a variety of factors, including unstable weather conditions, trade wars between countries, agricultural policies of governments and even geopolitical events occurring in major producing countries.

Source: Vitic/ congthuong.vn