Spending billions of USD to import agricultural products

Sketched by T.Bình

The group of agricultural products with large import turnover are corn, cashew, vegetables, wheat, and soybeans.

According to General Department of Vietnam Customs, from the beginning of the year to August 15, the whole country spent more than US$2 billion on importing cashew nuts; corn reached US$1.94 billion, vegetables and fruits were nearly US$1.14 billion; wheat was more than US$1 billion; soybeans was US$882 million.

In addition, Vietnam also spent billions of dollars on importing forestry and fishery products. In particular, wood and wood products were more than US$2 billion; rubber was nearly US$2.1 billion; seafood was nearly US$1.7 billion.

Compared to the same period in 2021, many groups of agricultural products witnessed high growth in turnover.

For example, seafood increased by 33%; wheat was up 30.8%; vegetables and fruits increased by 28.8%; rubber increased by nearly 23.7%; soybeans was 19.35%; corn was up nearly 8%.

However, the key commodity group experiencing a sharp decrease in turnover was cashew nuts with a turnover of US$1.14 billion compared to the same period last year, equivalent to a decline of 35.82%.

Regarding the import market, commodity groups such as corn, soybean, and wheat were mainly imported by Vietnam from Argentina, India, Brazil, the United States, and Australia, while cashews were mainly imported from Cambodia, Ghana, and Côte d'Ivoire.

Regarding import turnover in general, from the beginning of the year to August 15, the turnover reached US$231.37 billion, rising by 14.78% over the same period in 2021, equivalent to an increase of nearly US$30 billion.