Business

Animal feed exports poised to hit 1 billion USD mark

Vietnam’s animal feed exports would likely touch the 1 billion USD mark in the near future as many large-scale enterprises in the field have continued to expand their production, trade experts have predicted.
Animal feed exports poised to hit 1 billion USD mark ảnh 1Animal feed being packed at a JAPFA Comfeed Vietnam factory in Thai Binh province. (Photo: VNA)
Hanoi (VNS/VNA) - Vietnam’s animal feed exports would likely touch the 1billion USD mark in the near future as many large-scale enterprises in thefield have continued to expand their production, trade experts have predicted.

Thecountry’s livestock feed exports in December 2020 grew very robustly, reaching 80million USD, up to 55 percent month-on-month and 10 percent year-on-year,statistics from the General Department of Customs showed.

Thissharp increase in December was fueled by a high growth rate in three leadingmarkets of China, Cambodia, and the US at 84 percent, 66 percent and 69 percent,respectively.

Thanksto such a significant growth seen in December, the country’s animal feed exportturnover in 2020 reached over 800 million USD, up 17 percent compared to 2019with China, Cambodia and the US being the three largest consumption markets,accounting for over 10 percent of the nation’s total export value.

Lastyear, Vietnamese exports of animal feed to China in 2020 topped 211.23 millionUSD, a yearly increase of 16 percent, and making up for 26.4 percent of thetotal turnover while the figure to Cambodia hit 122.3 million USD, increasing23 percent year-on-year or equivalent to 15.3 percent of the proportion.

Meanwhile,exports to the US reached 114.5 million USD, up 125 percent compared to 2019,accounting for 14.3 percent of the proportion. This impressive growthrate demonstrated that Vietnamese animal feed could penetratemore and more into tough markets. 

Accordingto the Ministry of Industry and Trade, the country's turnover in exports ofsuch products to key markets increased in 2020 compared to the previous year.

However,turnovers of many small markets were still declining such as Japan with 26.2million USD, down 27 percent year-on-year; The Republic of Korea with 19million USD, down 18.5 percent and Indonesia with 11 million USD, down 33 percent.

Vietnamis now home to 265 animal feed production businesses, of which 180 weredomestically run. Although domestic enterprises outperformed in terms ofquantity, foreign firms still led the way in terms of capacity and market share./.
VNA
#Vietnam’s animal feed exports #animal feed #livestock feed exports #General Department of Customs #animal feed production #Vietnam #Vietnam News Agency #vietnamplus
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