In early 2022, Vietnamese tea has grown strongly in many major markets. In the UK market, Vietnamese tea is becoming more and more famous and popular with consumers. As for the Taiwanese market, before that, Vietnamese tea accounted for a large amount of tea here. Recently, the amount of Vietnamese tea exported to Taiwan tends to increase sharply.
Vietnamese tea has a competitive advantage in the UK
Vietnamese tea imported into the UK only accounted for a very modest proportion in previous years. Howerver, there is a higher chance of competition in this market.
According to the ITC, in the first two months of 2022, the UK’s tea imports reached US$64.1 million. It up 42% over the same period in 2021. In which, the UK increased imports of Vietnamese tea sharply with a value of 404 thousand USD. It up 156% over the same period in 2021.
Vietnamese tea products are having a more competitive advantage in this marke. It thanks to incentives from the UK-Vietnam Free Trade Agreement (UKVFTA). Therefore, the Import-Export Department (Ministry of Industry and Trade), said that, if taking advantage of UKVFTA well, Vietnam’s tea products will have the opportunity to increase market share in the UK market.
The UK is one of the five largest tea import markets in the world. In 2021, the UK’s tea imports will reach US$307.7 million, down 12.2% compared to 2020. Of which, tea imports from Vietnam will reach US$1.8 million.
Vietnamese Tea leads in tea exports to Taiwan
Last year, the market share of Vietnamese tea exports to Taiwan accounted for 55.23% of the total turnover of this market.
Last year Taiwan imported more than 33,000 tons of tea from more than 30 partners around the world. The total tea import turnover of this economy reached USD 87.8 million; up 8.58% in volume and 13.39% in turnover compared to 2020.
Vietnam continues to be the largest supplier of tea to Taiwan in 2021 with 18,330 tons; reaching 28.91 million USD, up 7.1% in volume and 7.47% in value compared to 2020. This amount accounts for 55.23% market share of imports to Taiwan. However, compared to 9 years ago, this proportion has decreased by 8%.
The reason for the decrease in market share was due to the impact of the epidemic for 3 consecutive years. However, Taiwan is increasingly strict in goods control, which raises the standard of tea. This reduces the amount of Vietnamese tea exported to the Taiwan market. In particular, many Vietnamese enterprises have not reached the residue threshold of pesticides.
At the consulting session on exporting tea and coffee products to Taiwan and Hong Kong markets last week; Director of the Export Support Center (Ministry of Industry and Trade), assessed if Vietnam could improve tea quality, this year’s exports of this product to the above markets may increase sharply.
In the first 2 months of the year, Vietnam’s tea exports reached 2,000 tons, worth 3 million USD. It up 3.5% in volume and 0.9% in value over the same period in 2021. Vietnam has also been exported to more than 70 countries and territories. Pakistan, Taiwan, Russia, Indonesia, and mainland China are 5 key markets for Vietnamese tea.
Vietnam’s top Tea Imported countries
According to the General Department of Customs statistics, Vietnam’s tea exports in March 2022 reached 8.18 thousand tons. It equivalent to a turnover of 13.34 million USD, up 36.4% in quantity and 50.3% in turnover compared to February.
In the first 3 months of 2022, Vietnam’s tea exports were 22.95 thousand tons, achieving a turnover of 36.7 million USD, down 11.9% in quantity and 11.3% in turnover.
Vietnam’s average tea export prices in March 2022 were 1,631 USD/ton, increasing by 1.9% over the same period in 2021. In the first quarter of 2022, the average tea export price was 1,599.4 USD/ton, a slight increase of 0.66% compared to the first quarter of 2021.
In February 2022, Vietnam mostly exported tea to Pakistan and Russia. These markets accounted for 23.1% and 15.2% of Vietnam’s total tea exports.
Tea exports to some markets recorded significant increases. In February, exports to India were up 948.5% in quantity and 398.8% in turnover.
In the first 2 months of 2022, India was Vietnam’s fastest-growing tea exporting market.
According to USITC, US tea imports in January 2022 reached 8.65 thousand tons, worth 40.6 million USD, up 2% in volume and 13 .4% in value compared to January 2021.
Argentina, China, and India are the 3 main tea supplying markets for the US, imported tea from these 3 markets accounted for 57.7% of total tea imported to the US in January 2022.
Vietnam is the 5th largest tea supplier to the US, the volume and value of imports from Vietnam both increased in January 2022, and the import price of tea from Vietnam was at 1,668.6 USD/ton, up 22.5% compared to January 2021.
Vietnamese tea is ready for the harvest season.
Now is the time to harvest tea in many regions in Vietnam. With suitable weather and good care conditions, this year’s Vietnamese tea promises to be a high yielding and high quality crop. So if you want more information about Vietnamese tea or the price of Vietnamese tea, please contact Vihaha for more detailed information.
Contact Vihaba for detailed product information and the best deals for Vietnamese agriculture products.