According to statistics from the General Department of Customs, in July 2024, the country imported 316,511 tons of wheat, equivalent to 92.35 million USD, with an average price of 291.8 USD/ton, up 9.9% in volume, up 13.4% in value compared to June 2024 and up 3.2% in price. Compared to July 2023, it decreased 5.2% in volume, down 16.9% in value and down 12.3% in price.

In the first 7 months of 2024, the country's imported wheat volume reached over 3.44 million tons, equivalent to over 954.67 million USD, an increase of 24.8% in volume, but a decrease of 2.8% in turnover compared to the first 7 months of 2023, the average price reached 277.5 USD/ton, a decrease of 22%.

Wheat imports from the Ukrainian market increased by more than 2,400% in 7 months. Illustrative photo

In July 2024, wheat imports from the Brazilian market increased again by 17.4% in volume and 13.2% in value compared to June 2024, but the price decreased by 3.6%, reaching 23,973 tons, equivalent to 5.78 million USD, at 241 USD/ton; while in July 2023, there were no imports from this market.

In the first 7 months of 2024, wheat imports from the Brazilian market accounted for 34% of the total volume and 30.7% of the total wheat import turnover of the country, reaching over 1.17 million tons, equivalent to 293.15 million USD; the average price was 249.6 USD/ton, a sharp increase of 348.9% in volume, 205.9% in turnover but a decrease of 31.9% in price compared to the first 7 months of 2023.

Following the main market Brazil is the Australian market, accounting for 21.4% of the total volume and 23.8% of the total turnover, reaching 737,112 tons, equivalent to over 227.46 million USD, with an average price of 308.6 USD/ton, down 65.3% in volume, down 69.1% in turnover and down 11% in price compared to the first 7 months of 2023.

Next, the Ukrainian market reached 612,846 tons, equivalent to 159.42 million USD, price 260 USD/ton, accounting for 17.8% of the total volume and 16.7% of the total wheat import turnover of the country, a sharp increase of 2,412% in volume, 1,862% in turnover but a decrease of 21.9% in price.

Despite a sharp increase in both output and turnover, the price of imported wheat from this market witnessed a sharp decrease of 260 USD/ton, equivalent to a decrease of 22% compared to the previous year.

Wheat imports from the US market reached 257,223 tons, equivalent to 84.22 million USD, priced at 327.4 USD/ton, up 49.3% in volume, up 19.4% in value but down 20% in price compared to the first 7 months of 2023.

Wheat imports in the first 7 months of 2024 - calculated according to data from the General Department of Customs. Source: Vinanet

In the Vietnamese market, our country almost cannot grow wheat, so every year our country spends billions of USD to import. In 2023, our country spent more than 97 million USD to import wheat from Canada with 252,803 tons, a sharp increase of 1,372% in volume and 1,142% in value compared to 2022.

In the world, Russia currently dominates the world wheat market by producing 75 million to 85 million tons of wheat a year, equivalent to 10 to 12% of global production, of which 50% is for export. Russia alone supplies more than 1/5 of the wheat on the international market and earns an annual income of 10 to 12 billion USD from wheat.