Vietnam spends US$3.04 billion importing corn in 2024
VOV.VN - Vietnam spent US$3.04 billion importing 12,52 million tonnes of corn of all kinds last year, representing a rise of 28.9% in volume and 6.07% in turnover against the same period from last year, according to the General Department of Vietnam Customs.
The average import price of corn stood at US$242.94 per tonne, down 17.7% compared to 2023. Argentina remained the largest supplier of corn to the Vietnamese market last year with 6.4 million tonnes worth over US$1.53 billion, accounting for 51.1% of the country’s total volume and 50.4% of the total corn import turnover.
This figure represents a rise of 98.1% and 60% in both volume and turnover, respectively.
Brazil ranked second with 4.9 million tonnes worth US$1.19 billion, up 15.7% in volume, but a fall of 3.2% in turnover compared to 2023.
Aside from Argentina and Brazil, the country also imported corn from other markets such as Laos, Thailand, India, and Myanmar.
Vietnam represents one of the 30 largest corn growing countries in the world, whilst it is also listed among the countries that import the most corn globally behind China, Europe, Mexico, Japan, the Republic of Korea, and Egypt.
The increased corn imports are aimed at meeting the high demand of the domestic livestock industry, especially for animal feed production as domestic corn output is insufficient to meet rising demand.
Furthermore, climate change coupled with adverse weather conditions have also negatively affected domestic corn output and quality, leading to an increase in import demand.
Despite the South America region seeing a bumper crop, global corn prices are anticipated to continue to decline as the global market is under pressure due to US President Donald Trump's threat to impose tariffs on major trading partners.
