Vietnam spends nearly US$702.74 million on corn import in Q1
VOV.VN - Vietnam imported 2.78 million tonnes of corn worth US$702.74 million during the first quarter this year, reported the General Department of Vietnam Customs.
These figures show an annual increase of 27.1% in volume, but a decrease of 4.8% in value year on year, respectively.
The average price of imported corn stood at US$252.7 per tonne, down 25.1% compared to the same period last year.
In March alone, local businesses spent US$215.88 million on purchasing 871,741 tonnes of corn with an average price of US$247.7 per tonne. The figures were up 13.6% in volume, but down 17.2% and 21.7% against March 2023, respectively.
During the January - March period, Brazil was the largest supplier of corn to the Vietnamese market, reaching 1.49 million tonnes valued at US$381.27 million. It was followed by Argentina with 728,759 tonnes worth US$178.79 million, and Laos with 66,033 tonnes costing US$16.55 million.
The majority of imported corn is used every year to produce animal feed. The rest is directly used for food, food processing, and producing bio-energy.
According to Statista, the statistics portal for market data, Vietnam makes up one of the 30 largest corn growing countries in the world. It is also one of the largest importers of corn in the world, behind only China, Europe, Mexico, Japan, the Republic of Korea, and Egypt.
