Imported corn prices skyrocketed in the first five months

Imported corn increased sharply both in volume and value in the first five months of this year due to high prices charged by many key suppliers.

According to the General Department of Customs, in the first five months of 2021, Vietnam's corn imports reached 4.37 million tons, equivalent to US$1.14 billion and up 33.4 per cent in volume and 65.6 per cent in turnover.

Meanwhile, the average price of imported corn to Vietnam was $260 per ton, up 24 per cent over the same period in 2020.

Vietnam imports corn from three main markets - Argentina, Brazil and India, among which, c is the biggest corn supplier to Vietnam, with 1.61 million tons, equivalent to $450.77 million and priced at $280/ton, down 10.3 per cent in volume but up 21.3 per cent in turnover and increased 35.2 per cent in price over the same period in 2020, accounting for 36.8 per cent of the total corn import of the country and 39.6 per cent of the total turnover.

The second largest market was Brazil with 1.36 million tons, equivalent to $300.31 million. The import price reached $220.6/ton, up 122.5 per cent in volume, up 146.2 per cent in turnover and increased 10.7 per cent in price over the same period last year, accounting for over 31 per cent of the total volume and accounted for 26.4 per cent of the total corn import turnover of the country.

Meanwhile, corn imported from India increased very strongly by 84,000 per cent in volume and 65,336 per cent in turnover, reaching 648,126 tons, equivalent to $17492 million, accounting for 15 per cent of the total volume and total turnover.