According to statistics from the General Department of Customs, soybean imports in the first 7 months of 2024 reached over 1.31 million tons, worth over 687.65 million USD, with an average price of 523.7 USD/ton, up 8.7% in volume, down 11.9% in turnover and down 18.9% in price compared to the first 7 months of 2023.

Of which, in July 2024 alone, it reached 245,805 tons, equivalent to 124.77 million USD, with an average price of 507.6 USD/ton, a sharp increase of 256% in volume and 252% in turnover compared to June 2024, but the price decreased slightly by 1.1%; compared to July 2023, it also increased sharply by 172% in volume, increased by 140% in turnover but decreased by 11.7% in price.

In 7 months, Brazil was the largest soybean supplier to Vietnam, reaching 780,916 tons.

Brazil is the largest market supplying soybeans to Vietnam in the first 7 months of 2024, accounting for nearly 59.5% of the total volume and 57.4% of the total soybean import turnover of the country, reaching 780,916 tons, equivalent to nearly 394.61 million USD, priced at 505.3 USD/ton, up 31.8% in volume, up 10.2% in turnover but down 16.4% in price compared to the first 7 months of 2023.

The second largest market is the US, in the first 7 months of 2024 reaching 422,669 tons, equivalent to 229.12 million USD, price 542 USD/ton, accounting for 32.2% of the total volume and 33.3% of the total soybean import turnover of the country, down 12.3% in volume, down 30.6% in turnover and down 20.8% in price compared to the first 7 months of 2023.

Next, the Canadian market in the first 7 months of 2024 reached 70,863 tons, equivalent to 42.71 million USD, price 602.8 USD/ton, accounting for 5.4% of the total volume and 6.2% of the total soybean import turnover of the country, up 2.2% in volume, but down 16.8% in turnover and price down 18.6% compared to the same period last year.

Imports from the Cambodian market reached 3,748 tons, equivalent to 2.7 million USD, accounting for 0.29% of the total volume and 0.39% of the total soybean import turnover of the country, up 932.5% in volume and 854.4% in turnover over the same period last year.

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.

As the world's most populous country with a large-scale pig farming industry, China has a huge demand for soybeans to produce animal feed.

To meet domestic demand, China has been forced to increase soybean imports from the international market. In recent years, China has become the world's largest soybean importer, accounting for more than 60% of the global trade. China's huge demand for soybean imports is having a strong impact on the global market.