Browse Data and Analysis

Vietnam’s livestock and aquaculture sectors expanded in Calendar Year (CY) 2024 on steady economic growth and lower feed prices. Feed importers have increased purchases and diversified suppliers.

While per capita grain consumption in Korea remains steady, or declining in the case of rice, increased manufacturing of K-food for exports drives total consumption, offsetting decreases in other sectors.

Market share of U.S. corn in South Korea is expected to remain strong in MY 2024/25 after rebounding to 20 percent in MY 2023/24. Domestic rice production continues its slow decline as the government incentivizes farmers to switch to planting alternate crops.

In 2023, feed demand was low due to weak demand in Europe and the United States for Vietnamese produced aquaculture products. Post expects aquaculture and livestock production to rebound in the in MY 2024/25 increasing overall feed demand and as a result also increasing corn consumption. As domestic corn production remains uncompetitive with foreign imports, corn imports are forecast to grow Wheat imports are forecast to decline due to market volatility.

The Korean government’s policy incentivizing farmers to replace rice acreage with other crops is the driving force behind record low rice planting and production projected in marketing year (MY) 2024/25.

Rice production in Korea is forecast to be gradually down in marketing year (MY) 2023/24 on reduced acreage in response to government incentives encouraging farmers to switch to other grains, such as wheat and soybean.

In the first half of 2023, the Vietnam livestock and aquaculture industry faced numerous challenges which reduced feed demand including escalating input costs, African Swine Fever (ASF), market price volatility, weak demand, and intense competition from imported products.

FAS/Seoul forecasts marketing year (MY) 2023/24 corn imports to remain flat, with U.S. market share gradually recovering towards the end of the year. Wheat imports are expected to decline towards the long term average as feed wheat loses a temporary price advantage over corn.

Growth in Vietnam’s economy, including a rebound in tourism, is expected to fuel protein demands which will increase demand for feed grains in Market Year (MY) 2023/24. Post forecasts feed demand up to 27.7 million metric tons (MMT), a three percent year on year increase.

FY2022 agricultural exports reach record levels.

High production costs, price instability and lingering disease threats discouraged livestock production which has kept overall 2022 feed demand flat compared to the previous year. Due to high corn prices as well as flat feed demand, Post revises its marketing year (MY) 2021/22 corn consumption down to 13.80 million metric tons (MMT) and imports down to 9.20 MMT.

The 2021 U.S. Agricultural Export Yearbook provides a statistical summary of U.S. agricultural commodity exports to the world.