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Imports of soybean in first 10 months of 2023 

 Friday, November 24,2023

AsemconnectVietnam - In the first 10 months of 2023, Vietnam imported over 1.61 million tonnes of soybeans, worth of nearly 1.02 billion USD, with an average price of 632.6 USD/tonne.

According to the preliminary statistics figures of the General Department of Customs, Vietnam’s soybean imports in October of 2023 reached 138,874 tonnes, equivalent to 83.81 million USD, the average price was 603.5 USD/tonne, an increase of 43.2% in volume and increased turnover by 43.9% compared to September of 2023, the price increased slightly by 0.5%. In comparison to October of 2022, the figure saw a slight increase of 4% in volume but a decrease of 7.9% in turnover and a decrease in price of 11.5%.
In the first 10 months of 2023, the whole country imported over 1.61 million tonnes of soybeans, worth of nearly 1.02 billion USD. The average price was 632.6 USD/tonne, up by 5.2% in volume, but down by 4.5% in turnover and 9.1% decrease in price compared to the first 10 months of 2022.
Soybeans imported to Vietnam from the Brazilian market the most. In October of 2023, the country’s imports of soybean from Brazil increased sharply by over 39% in both volume and turnover compared to September of 2023, the price increased slightly by 0.2%, reaching 92,929 tonnes, equivalent to equivalent to 53.28 million USD, the price was 573.4 USD/tonne. Overall in the first 10 months of 2023, soybean imports from this market reached 895,240 tonnes, equivalent to 530.77 million USD, accounting for 55.6% of the total volume and 52.1% of the total soybean import turnover of the country, down by 3.2% in volume, down by 18% in turnover, and price was down by 15.3% over the same period last year.
Imports of soybeans from the US market - the second largest market in the first 10 months of 2023 reached 552,284 tonnes, equivalent to 375.96 million USD, priced at 680.7 USD/tonne, accounting for 34.3% of the total volume and accounting for 36 9% of the country's total soybean import turnover, an increase of over 16% in both volume and turnover but the price decreased by 0.5% over the same period last year.
In addition, soybean imports from the Canadian market in the first 10 months of 2023 reached 90,553 tonnes, equivalent to over 66.97 million USD, priced at 739.6 USD/tonne, an increase of over 12% in both volume and turnover over the same period last year but the price decreased slightly by 0.1%. The imports from the Cambodian market reached 3,564 tonnes, equivalent to 2.71 USD, priced at 761.4 USD/tonne, a sharp decrease of 69.4% in volume, 70.3% decrease in turnover and 2.7% decrease in price.
CK
Source: VITIC

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