Browse Data and Analysis

Despite area expansion by private sugar mills, a long, drawn-out El Nino in 2023/24 reduced both sugarcane and plantation white sugar production. The ongoing impact of El Nino will be immediately followed by the onset of the 2024 dry season combined with a predicted La Nina at the end of 2024, which are forecast to further reduce sugarcane and plantation white sugar production.

Vietnam’s cotton imports for marketing year 2024/25 (MY 2024/25) are forecast at 6.8 million bales, up 3 percent over MY 2023/24 based on an expected recovery in global demand for textiles and garments by mid-2024.

Rice export prices increased one percent due to the strengthening of the Thai baht that outweighed the downward pressure on domestic rice prices.

Rice production in Cambodia is forecast to increase due to higher rice prices and the use of higher quality seeds. Rice exports to Vietnam have been surging as Vietnam mills have offered higher prices to Cambodian farmers.

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.

Thailand's food and beverage industry contributes significantly to the country's economy. Thailand aims to be one of the world's top ten processed food exporters by 2027 and a key global player in the "Future Food" market.

On April 2, 2024, FAS Jakarta held its second annual Ramadan iftar event at the U.S. Embassy’s @america cultural center. This year’s event, “Ramadan Delights with U.S. Products: featuring the Talents of Chef Vindex and a Conversation with U.S. Halal Certifying Bodies,” promoted high-quality U.S. food ingredients such as beef, cheese, dates, chickpeas, raisins, and seafood.

Australian oilseed production, dominated by canola, is expected to be strong for the fourth successive season during the marketing year (MY) 2024/25. If realized, canola production of 6.5 million metric tons (MMT) would be 14 percent above the previous year’s estimate and the third largest on record.

FAS Manila forecasts MY 2024/25 soybean meal imports to reach 3.2 million metric tons (MMT), an increase of 4 percent attributed to the growing feed demand for livestock, poultry, and aquaculture. The projected 3 percent growth in soybean meal equivalent (SME) consumption coincides with the forecasted 3 percent increase in livestock production during the same period.

MY 2023/24 and MY 2024/25 soybean crush will be well below the five-year pre-pandemic average annual growth due to a slow economic recovery.

Vietnam’s food processing industry comprises some 11,000 companies, valued at $73.8 billion in 2023. Growth in 2023 was 6.1%, down from a blistering 8.8% in 2021 and 2022.