Price of imported corn and soybean increases while quantity falls

By Thai Binh/Ngoc Loan

19:19 | 11/04/2022 Import-Export Follow english.haiquanonline.com.vn on

VCN – The two major imported agricultural products related to animal feed production has tended to fall in the first months of the year.

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Price of imported corn and soybean increases while quantity falls

Chart by Thai Binh.

According to the latest information from the General Department of Vietnam Customs (GDVC), between January and March 15, the whole country imported more than 1.8 million tons of corn, with a total turnover of US$580 million.

The quantity of imported corn saw a year-on-year decrease of about 7%. However, the turnover of this product rose 29%.

The average import price of this commodity group soared. The average import price in the early year rose 38.6% to US$321/ton compared to the previous year.

Vietnam imports corn mainly from major markets such as Argentina, India, and Brazil.

Similarly, the import of soybeans has seen a decrease in volume but an increase in price.

By the end of March 15, the whole country imported nearly 398,000 tons of soybeans, with a total of US$246 million. The import volume plunged but the turnover still grew by 13.2%.

The average import price of soybeans in the first months of 2022 was US$618/ton, while it was only US$535/ton in the same period last year

By Thai Binh/Ngoc Loan

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