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Vietnam’s economy has continued to rebound after the COVID-19 pandemic, while also being affected by global inflation and local price hikes for ingredients.

Post estimates that Vietnam cotton imports in marketing year 2022/23 (MY22/23) will decrease at least 5 percent year on year to nearly 6.3 million bales due to ongoing global low demand for textile and apparel products.

Assurances of support from bilateral creditors and the IMF, and goodwill from the international community in helping Ghana weather the economic storm has offered a brighter hope of an economic resurgence.

Despite a slight reduction in planted area, 2023/2024 wheat production is forecast to reach 27.0 million tons, two percent higher than last year. With consumption growth expected to outstrip the increase in production, 2023/24 wheat imports are forecast to reach 2.6 million tons.

Recent available data indicates that Saudi Arabia imported approximately 2.7 million metric tons (MMT) of barley in the first six months of MY 2022/23 (July – December 2022), an increase of approximately 11% compared to the same period last year (2.46 MMT).

Rice export prices increased 2-3 percent, reflecting new inquiries that offset the depreciation of the Thai baht.

The February 6, 2023 earthquakes greatly affected Kahramanmaras, the center of Turkiye's cotton yarn and textile production, but the industry is already on the road to recovery.

Turkiye’s food and beverage sector depends on domestic and imported ingredients, a large portion of which are sourced from Europe. European ingredients enjoy zero or low import duties under preferential trade agreements, as well as lower freight costs.

Cotton production is forecast to rebound 36 percent to 5.3 million bales in 2023/24. After the flood damaged 2022/23 crop, yields should return to trend, while better returns from competing crops will limit area expansion.

For marketing year (MY) 2023/24, Post forecasts rice harvested area and production at 11.9 million hectares and 37.1 million metric tons (MT), respectively. Post forecasts MY 2023/24 wheat imports at 6.0 million MT, with corn imports at 2.4 million MT.

In marketing year (MY) 2023/24, Post forecasts wheat area harvested will reach 215,000 hectares (ha) and production will total 1.32 million metric tons (MMT), unchanged from MY 2022/23 as production was limited by the high costs of inputs.

High commodity prices in the international market during the last term of 2022 are expected to impede the growth of 2022/23 Indonesian wheat imports and curb the use of wheat in feed formulation.