As of the end of November, Vietnam spent 1.4 billion USD to import more than 5.3 million tons of wheat, according to the General Department of Customs.

According to the General Department of Customs, Vietnam’s wheat import volume increased by 35% in the first 11 months of the year, to more than 5.3 million tons. This turnover helped Vietnam rank in the top 10 largest wheat importers in the world.

Imported wheat is mainly used in animal feed production and food processing. The import value by the end of November also increased by more than 8%, reaching 1.4 billion USD.

Last year, 5.5 million tons of wheat were imported to Vietnam, worth 1.9 billion USD.

According to the Livestock Association, Vietnam does not produce wheat, so the supply depends entirely on imports. This year, the average imported wheat price reached 275 USD per ton, down nearly 20% compared to the same period in 2023, so businesses took advantage of the low price to increase imports.

The global market output is currently around 770 million tons per year, worth more than 200 billion USD. The main exporting countries include Russia, the US, Canada and Ukraine.

Before the conflict in 2022, Ukraine planted 6 million hectares of winter wheat, but despite the damage, this year’s output still reached 22 million tons. This level is close to the pre-conflict average of 25-28 million tons. Winter wheat accounts for 95% of Ukraine’s annual output.

The US Department of Agriculture forecasts that global wheat inventories will be at a nine-year low of more than 257 million tons by the end of 2024-2025, while EU output could fall to a 12-year low.

Source: VNEXPRESS