Which market will supply the most soybeans to Vietnam in 2023?

According to statistics from the General Department of Customs, soybean imports in December 2023 reached 203,220 tons, equivalent to 121.04 million USD, with an average price of 595.6 USD/ton, a sharp increase of 348.4% in volume and 300.2% in value compared to November 2023, with a price decrease of 10.8%; compared to December 2022, there was a slight increase of 0.05% in volume but a decrease of 12% in value and a price decrease of 12%.

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, but down 8.3% in turnover and down 9.3% in price compared to 2022.

In 2023, Vietnam will spend 1.17 billion USD to import soybeans.

Soybeans imported to Vietnam from the Brazilian market were the largest, in December 2023, increasing sharply by 31.8% in volume and 16.4% in value compared to December 2022, but the price decreased by 11.7%, reaching 92,273 tons, equivalent to 55.28 million USD, priced at 599 USD/ton.

In general, in 2023, soybean imports from this market will reach 987,569 tons, equivalent to 586.08 million USD, accounting for 53.2% of the total volume and 50.1% of the total soybean import turnover of the country, down 7% in volume, down 20.7% in turnover, and down 14.7% in price compared to 2022.

Soybean imports from the US market - the second largest market in 2023 reached 677,749 tons, equivalent to 450.72 million USD, priced at 665 USD/ton, accounting for 36.5% of the total volume and 38.5% of the total soybean import turnover of the country, up over 14% in volume and 10.4% in turnover but the price decreased by 3.1% compared to 2022.

In addition, soybean imports from the Canadian market in 2023 reached 107,626 tons, equivalent to over 78.38 million USD, priced at 728.2 USD/ton, up over 20.2% in volume and 18% in value over the same period last year, but prices decreased slightly by 1.8%. Imports from the Cambodian market reached 14,592 tons, equivalent to 10.88 million USD, priced at 745.9 USD/ton, down sharply by 34.8% in volume, 38.7% in value and 6% in price.