Vietnam: Animal feed imports up to 3.1 billion USD

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27 August 2022, VN: Citing data from the General Department of Customs, the Department of Livestock Production (Ministry of Agriculture and Rural Development) said that in the first seven months of 2022, the animal feed industry had to spend nearly 2.7 billion USD on corn and soybean imports.

In addition, Vietnam also spends more than 400 million USD on other materials such as 2.2 million tons of oilseeds, 0.73 million tons of wheat; fish meal, bone meal, animal protein, a mixture of trace elements (Premix).

Thus, the import of input materials for livestock and poultry feed production since the beginning of the year has reached 3.1 billion USD.

According to the Department of Livestock Production, as the domestic production of corn and soybean only meets about 37% of the demand of the animal feed industry, over the years our country has had to import very large volumes of these two materials.

With corn, the import volume in July 2022 reached 500,000 tons with a value of 191.7 million USD. Accumulating 7 months, corn imports reached 5.1 million tons, equivalent to 1.8 billion USD, down 21.9% in volume but not much changed in value compared to the same period in 2021. Imported corn prices remained unchanged, anchored at a high level of 300 – 380 USD/ton.

The volume of soybean imports in July 2022 was estimated at 250,000 tons with a value of 189.4 million USD, bringing the total volume and value of soybean imports in 7 months of 2022 to 1.3 million tons and 893.6 million USD, equivalent in volume and up 22.8% in value over the same period in 2021.

Brazil, the United States and Canada are the three main soybean suppliers to Vietnam in the first half of 2022 with 99.2% market share.

The Department of Livestock Production believes that the Covid-19 pandemic has disrupted the global supply chain, including the supply chain of imported animal feed ingredients. The decrease in supply and the increase in transportation costs have increased the cost of raw materials and finished products.

Also Read: Following Punjab, Haryana bans 10 insecticides to save paddy exports

(For Latest Agriculture News & Updates, follow Krishak Jagat on Google News)

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