November 23, 2024 | 05:19 GMT +7
Hotline: 0913.378.918
November 23, 2024 | 05:19 GMT +7
Hotline: 0913.378.918
Vietnam spent over US$ 2 billion on corn imports in 9 months. Photo: TL.
According to the Industry and Trade Information Center, Ministry of Industry and Trade, Vietnam's corn imports in the first nine months of 2021 reached 7.68 million tonnes, with a total value of over US$ 2.17 billion. The average price was US$ 282.6 per tonne, up 40% over the same period in 2020. As a result, total import volume decreased by 9.4%, but total turnover increased by 27% over the same period in 2020.
In September 2021, corn imports reached 721,148 tonnes, worth US$ 222.2 million. The average price was US$ 308.1 per tonne, a sharp increase of 55.3% in volume, 55.9% in turnover, and 0.4% in price compared to August 2021. Compared to September 2020, corn imports decreased by 49.6% in volume, down 16.5% in turnover but increased sharply by 65.9% in price.
Corn is imported to Vietnam mainly from the three markets of Argentina, Brazil, and India. In which Argentina is the largest market. In the first nine months of 2021, corn imports from this market decreased by 33.4% in volume but increased by 0.3% in turnover and 50.6% in price. Total corn imports reached 4.01 million tonnes, equivalent to US$ 1.21 billion.
Corn imports from Argentina accounted for 52.3% of the total volume and 55.7% of the country's total corn imports.
Brazil ranks second. Corn imports from this market in the first nine months of 2021 reached 1.43 million tonnes, worth US$ 321.06 million, down 2.6% in volume but up 12.3% in turnover over the same period in 2020.
In addition, corn imports from the Indian market in 9 months increased dramatically by 55,567% in volume and 48.877% in turnover over the same period in 2020, reaching 1.09 million tonnes, worth US$ 306.73 million.
In recent days, world corn prices have increased by 1%. The reason is the forecast of heavy rain in the US's Midwest region last weekend and early this week, affecting corn harvest progress.
The domestic corn price currently is significantly lower than the imported corn price. Corn is in the harvest season, and corn trading will be active from the end of October and the beginning of November.
Translated by Ha Phuc
(VAN) In its monthly grain market report, released on Nov. 21, the IGC revised total grains ending stocks lower by 8 million tonnes, to 576 million, a 3.5% decrease from the previous year.
(VAN) Vietnam's tea industry, one of the top five tea-exporting countries in the world, is facing a concerning reality as the average export price of Vietnamese tea is only 67% of the global tea price.
(VAN) Analysts at EastFruit have observed that fruits and vegetables are contributing to inflation in Russia, despite the government's efforts to combat it through fiscal policies and an increase in the key interest rate to 21%.
(VAN) Expanding high-quality tea varieties has become a strategic goal for Vietnam's tea industry to increase export value and escape the 'cheap price trap' when exporting tea to global markets.
(VAN) After implementing the OCOP program, several products from Bac Kan Province have established a strong presence in the market and are moving towards export.
(VAN) On November 20, a Vietnamese company exported nearly 10 tons of bird's nest to China's market through the Bac Luan II border gate in Quang Ninh.
(VAN) Many businesses believe that Halal market is huge and has a lot of potential; even in Vietnam, there are Muslims, and improving product quality is important.
