Vietnam acquired $800.7 million in export turnover from animal feed in 2020, up 16.98 per cent on-year, according to statistics published by the General Department of Vietnam Customs.
|Animal feed exports increases in 2020 |
This sharp increase in December was fuelled by a high growth rate in three leading markets of China, Cambodia, and the US at 84, 66, and 69 per cent, respectively.
At present, the three largest export markets in terms of animal feed are China, Cambodia, and the US, which account for 10 per cent of the total export value of these goods.
Notably, Vietnam acquired $221.23 million from China (up 15.68 per cent), $122.32 million from Cambodia (up 23.15 per cent), and $114.5 million from the US (up 125 per cent).
According to the Ministry of Industry and Trade (MoIT), the country’s export turnover from these products to key markets increased in 2020. However, turnover in many small markets declined such as Japan with $26.2 million, down 27 per cent on-year; South Korea with $19 million, down 18.5 per cent; and Indonesia with $11 million, down 33 per cent.
The MoIT forecasted that with the existing productivity in collaboration with the large-scale expansion, animal feed will be one of the goods categories having export turnover over $1 billion.
However, the export value of animal feed only accounted for one-fifth of the import turnover of $3.9 billion in 2020.
Vietnam is now home to 265 animal feed production businesses, 180 of which are domestically run. Although domestic enterprises outperformed in terms of quantity, foreign firms still led the way in terms of capacity and market share.