October 2024: Ukraine Becomes Vietnam’s Leading Wheat Supplier

According to data from the General Department of Customs, transportation companies reported a decline in wheat import services in October 2024. Specifically, cargo shipments reached 482,707 tons, equivalent to $128.21 million, with an average price of $265.6 per ton. Logistics firms recorded a significant month-over-month decrease of 42.8% in volume and 43.4% in value, although shipments increased by 16.4% compared to October 2023.

Ukraine Leads as Vietnam’s Primary Wheat Supplier in October 2024

In the first ten months of 2024, international shipping services facilitated the import of nearly 5.02 million tons of wheat, valued at approximately $1.38 billion. Forwarding companies saw impressive growth, with a 34.9% increase in volume and a 7.1% rise in value compared to the same period in 2023, despite a 20.6% decrease in the average price to $274.5 per ton. Maritime transportation played a crucial role in connecting Vietnam with major supply markets.

Ukraine continued to dominate wheat export-import services with Vietnam, accounting for 27.4% of total volume and 25.5% of total value. Transportation firms successfully shipped over 1.37 million tons, worth $351.2 million, from Ukraine. Notably, exports from Ukraine in October reached 248,725 tons, a 36.1% decrease from the previous month but a dramatic 329.4% increase compared to October 2023.

Brazil and Australia followed as the next largest markets for wheat transport services. Container shipping companies imported 1.17 million tons from Brazil and 948,149 tons from Australia. Competitive maritime freight rates helped maintain reasonable average prices, with Brazil at $249.6 per ton and Australia at $308.5 per ton.

The U.S. market also made a significant contribution to wheat trade services, with 447,425 tons valued at $138.6 million. Transportation companies recorded a 22.9% increase in volume, despite an 18.8% drop in price to $309.8 per ton. To sustain efficiency amid declining prices, logistics firms are focusing on providing low-cost shipping services while maintaining transport quality.

Amid market fluctuations, transportation companies must continue to optimize costs for domestic and international container shipping while expanding relationships with new suppliers to ensure the stability of wheat imports in the coming period.