According to preliminary statistics from the General Department of Customs, Vietnam's soybean imports in the first 8 months of 2024 reached nearly 1.45 million tons, worth nearly 754.48 million USD, with an average price of 521.6 USD/ton, up 5.2% in volume, down 13.95% in value and down 18.2% in price compared to the first 8 months of 2023.

Of which, in August 2024 alone, it reached 132,031 tons, equivalent to 66.24 million USD, with an average price of 501.7 USD/ton, a sharp decrease of 46.3% in volume and 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, 31.5% in value and 13.8% in price.

Vietnam's soybean imports in the first 8 months of 2024 reached nearly 1.45 million tonnes. Photo: Reuters

In terms of market, all three soybean powerhouses are increasing exports of this commodity 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 the total volume and 56.9% of the total soybean import turnover of the country, reaching 852,614 tons, equivalent to nearly 429.21 million USD, priced at 503.4 USD/ton, 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 tons, equivalent to 253.46 million USD, price 538.7 USD/ton, accounting for 32.5% of the total volume and 33.6% of the total soybean import turnover of the country, down 5.6% in volume, down 25.6% in turnover and down 21.2% in price compared to the first 8 months of 2023.

Soybean imports in the first 8 months of 2024. Source: General Department of Customs

Next, the Canadian market in the first 8 months of 2024 reached 83,221 tons, equivalent to 49.75 million USD, price 597.8 USD/ton, accounting for 5.75% of the total volume and 6.59% of the total soybean import turnover of the country, up 10.8% in volume, but down 10.8% in turnover and price down 19.6% compared to the same period last year.

In its latest Crop Progress report, the US Department of Agriculture (USDA) said that US farmers have completed planting 93% of their planned soybean acreage, down from last year but still above the five-year average. Favorable weather in the US is expected to help farmers boost planting and improve crop quality. Markets are now expecting a bumper US crop this year, increasing global supplies.

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, our country has consumed an average of nearly 2 million tons of soybeans each year. Thanks to the decrease in soybean prices and the increase in pork prices, farmers have benefited from the beginning of the year until now.

In 2023, the country imported over 1.86 million tons of soybeans, worth nearly 1.17 billion USD, with an average price of 629.4 USD/ton, up 1.1% in volume and down 8.3% in value.