2020 Soybean and Wheat Exports to Vietnam Soar

WASHINGTON, DC – In 2020, Vietnam was the seventh-largest destination for U.S. agricultural exports, totaling $3.3 billion representing a 4 percent decline from 2019 and a 16 percent decline from a record-setting 2018. According to the Foreign Agriculture Service at USDA, the United States is Vietnam’s second-largest supplier of agricultural goods, following China. Contributing to the growth in 2020 soybean exports increased $158 million while U.S. wheat exports expanded by $64 million. There was also good growth from exports of distillers’ grains (or DDGS), tree nuts, and dairy products. Unfortunately, cotton exports were down more than $260 million, and for the first time since 2014, Vietnam was not the top destination for U.S. cotton as China easily took the top spot. Experts remain optimistic about the future of Vietnam as a major trading partner of the U.S. since the country has one of Southeast Asia’s fastest-growing economies, as well as a fast-growing middle class, more than doubling in size since 2014.
(SOURCE: All Ag News)