In the first half of October 2023, Vietnam spent 176 million USD to import corn, accounting for 30% of the total import value of agricultural products in the period.
According to data from the General Department of Customs, in the first half of October 2023, Vietnam imported 589 million USD worth of agricultural products, equivalent to 4.5% of the total import turnover of goods. Compared to the same period last year, the total import turnover of agricultural products increased by 3.3%.
Corn is the most imported agricultural product in the first half of October.
Wheat is the item with the highest increase of 340% compared to the same period last year (YoY). This is also the only item among imported agricultural products with triple-digit growth. Followed by corn with +55% YoY, milk and dairy products +39% YoY, and vegetable and animal oils +31% YoY.
In contrast, seafood imports recorded a 24% lower increase in turnover compared to the same period last year. Vegetables and fruits also decreased by 28%. Cashew nuts decreased by 16%. Soybean is the item with the largest decrease of -80% YoY.
Among imported agricultural products, corn has the highest turnover with 176 million USD. Followed by seafood products with 89 million USD, vegetables and fruits with 75 million USD, vegetable and animal oils with 72 million USD, etc.
As the product with the deepest decrease, the import turnover of soybeans in the first half of October 2023 was only 9.7 million USD.
Accumulated from the beginning of 2023 to October 15, Vietnam’s total import turnover of agricultural products reached 12.6 billion USD. There are 6/8 items with a turnover of one billion USD or more. Corn continues to be in the first place with an import value of up to 2.2 billion USD, followed by seafood with 2 billion USD, and vegetables and fruits with 1.5 billion USD.
Regarding the market, for corn, in the first nine months of 2023, the three largest corn importing markets for Vietnam are Argentina, Brazil, and India. Argentina is the market where Vietnam imports the most corn with 2.43 million tons, reaching 748.9 million USD; followed by Brazil with 2.29 million tons, reaching 720.4 million USD; and India with 1.18 million USD, reaching 365 million USD./.