| In 2023, wheat imports from Canada will grow by four digits. In January 2024, Australia is the largest wheat supplier to Vietnam. |
According to preliminary statistics of the General Department of Customs, in January 2024, the country imported 535,349 tons of wheat, equivalent to 156.37 million USD, down 23.6% in volume and 20.4% in value compared to the previous month.
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| Wheat imports from Brazil increase sharply |
However, compared to the same period last year, it increased sharply by 126.4% in volume and 80.7% in value. The average import price reached 292 USD/ton, up 4.2% compared to the previous month.
In terms of market, Australia remained Vietnam's leading supplier in January with 215,823 tons, equivalent to nearly 69.39 million USD, up 144.6% in volume and 137.9% in value compared to the previous month. The average price reached 321 USD/ton, down 3% compared to the previous month and down 11.6% compared to the same period last year.
Notably, the Brazilian market is strongly increasing its exports of this commodity to Vietnam with 139,621 tons of wheat, equivalent to nearly 36.06 million USD, a sharp increase of 28,106% in volume and 28,536% in value compared to the previous month. The average import price is 258.3 USD/ton, a slight increase of 1.5% in price compared to December 2023.
Besides Brazil, the United States is also strongly increasing its exports to Vietnam with 48,397 tons, equivalent to over 16.18 million USD, a sharp increase of 2,135% in volume and 2,102% in value compared to December 2023. The average price reached 334.3 USD/ton.
Russia has dominated the world wheat market in 2023, surpassing the US. According to the US Department of Agriculture (USDA), Russia is the leading wheat exporter in the 2022-23 crop year with 46 million tonnes and accounts for a quarter of global wheat exports in 2023.
Notably, in recent months, Russia has increased its wheat exports to Vietnam after a long period of no recorded imports. In January, it reached 16,900 tons, worth more than 4 million USD. In addition to Russia, Ukraine is also increasing its exports of this commodity to Vietnam.
High food prices in recent years have prompted farmers around the world to plant more grains and oilseeds. But consumers will face tighter supplies in 2024 amid adverse El Nino weather, export restrictions and higher demand for biofuels.
The International Grains Council (IGC), which includes major wheat producing and importing countries, forecasts global wheat production in the 2023-2024 season at 784 million tonnes, down 2.4% from the previous season.
World wheat consumption in 2023/24 is forecast to increase from the December 2023 forecast, largely due to increased feed use in the EU, and is forecast to increase by 2% from 2022/23.
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