Vietnam, one of the largest corn buyers in the world, has seen corn demand fall by 13.2%
on: April 15 ,2020 In: Developing News
Vietnam, one of the largest corn buyers in the world, has seen corn demand fall by 13.2%, while corn imports dropped by 17.9%.
Customs data shows that in March, Vietnam’s corn imports, which were mainly from Argentina and Brazil, had dropped by 39%, resulting in only 1.32 million mt of corn imported during the first quarter of this year, compared with 2.05 million mt during the same period last year. Vietnam imported a total of 11.5 million mt of corn in 2019.
This reduction may have been due to the African swine fever epidemic that has affected the pork industry in Vietnam, which accounts for a bulk of corn consumption.
By December 2019, 23% of the swine herd had been culled due to ASF that has affected the country since early 2019. Financial constraints, fear of a fresh outbreak and difficulties caused by the COVID-19 pandemic have left farmers struggling to restock their herds.
Source: spglobal.com – 14th April 2020