Vietnam Imports Nearly 1.98 Million Tons of Soybeans in First 11 Months of 2024C

Soybean import services in the first 11 months of 2024 recorded positive results with import volume reaching nearly 1.98 million tons, valued at $1.02 billion. According to Vietnam Customs, despite a 3% decrease in turnover, shipping volume increased by 19.6% year-over-year, reflecting the effectiveness of container shipping cost optimization.  

Brazil continues to lead supply sources as forwarder companies successfully transported 1.07 million tons of soybeans, accounting for 54.3% of total imports. International transportation services from this market have been optimized with an average price of $498.7/ton, down 15.9% compared to the previous year.  #Vietnam Freight forwarder #freight and logistics services #international shipping companies #Vietnam Freight forwarder

Vietnam imports nearly 1.98 million tons of soybeans in the first 11 months of 2024

Maritime shipping from the US also recorded impressive growth with 713,735 tons, accounting for over 36% of total imports. Logistics transportation companies have taken advantage of the 23.6% price decrease to boost imports, meeting domestic demand.  #Vietnam Freight forwarder #freight and logistics services #international shipping companies #Vietnam Freight forwarder

Import-export services with Canada and Cambodia have also expanded, reaching 116,073 tons and 15,980 tons respectively. Entrusted export and import activities with these markets help diversify supply sources and reduce dependence on traditional markets.  #Vietnam Freight forwarder #freight and logistics services #international shipping companies #Vietnam Freight forwarder

Vietnam is currently the world’s third-largest soybean meal importer and ninth-largest soybean importer. With average consumption demand of nearly 2 million tons/year, while domestic production meets only a small portion, the role of international transportation services becomes increasingly important.  

To optimize costs and ensure stable supply, export service providers need to continue investing in modern logistics systems, especially warehousing and specialized transportation vehicles. This will help maintain price competitiveness in the context of volatile global markets.  

With decreasing soybean prices and increasing demand from the livestock industry, transportation and logistics companies need to proactively develop long-term strategies, ensuring a stable and efficient supply chain for Vietnam’s soybean market.  #Vietnam Freight forwarder #freight and logistics services #international shipping companies #Vietnam Freight forwarder