| Why does Vietnam only account for 0,4% of the total tea imported into the German market? Tea exports in the first 7 months of 2023: Only one product has positive growth |
The Import-Export Department (Ministry of Industry and Trade) cited statistics from the General Department of Customs as saying that tea exports in August 8 reached 2023 thousand tons, worth 12,2 million USD, down 22% in volume. and decreased 4,3% in value compared to August 3,8. The average export price of tea in August 8 reached 2022 USD/ton, up 8% compared to August 2023.
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| Tea exports plummeted in the first 8 months of 2023 |
Generally, in the first 8 months of 2023, tea exports reached 70,9 thousand tons, worth US$ 121,9 million, down 13,9% in volume and 16,6% in value over the same period in 2022. the average export value reached 1.718,3 USD/ton, down 3,2% over the same period in 2022.
Tea exports to main markets such as Pakistan, Taiwan and Russia are still on a downward trend, because the economies of these countries are still facing many difficulties.
Pakistan's foreign currency shortage makes many importers unable to buy foreign currency to pay exporters.
According to the Vietnam Trade Office in Pakistan, the Pakistani customs authority stipulates that all imported shipments left in the port for more than 30 days will be put on the confiscation list for auction.
Therefore, businesses exporting goods in general and exporting Vietnamese tea products in particular to the Pakistani market need to pay attention to shipments with delayed payment, especially beyond 30 days from the date of payment. When the goods arrive at Karachi port, it is necessary to notify the Vietnam Trade Office in Pakistan for coordinated handling, to avoid incurring costs and fines from the port and shipping lines and being confiscated and sold at auction by Pakistani customs authorities.
For the Taiwan (China) market, according to the Taiwan Statistics Office, this market's economy in 2023 may grow the slowest in decades due to a downward trend in exports, in the context of Interest rates around the world are still high to deal with inflation, and the economies of the United States and China are still complicated.
In the Russian market, rising inflation and a weak Ruble may cause the Central Bank of Russia to raise interest rates and control monetary policy more tightly to prevent capital flows abroad. Therefore, consumer demand in Russia is also limited.
Among the main export markets of Vietnamese tea in the first 8 months of the year, only 2 markets had a double-digit export price increase in volume. Specifically, Iraq increased by 2% and Saudi Arabia increased by 48,7% over the same period last year.
Vietnam's tea export market in the first 8 months of 2023
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(Source: Calculated from data of the General Department of Customs) |
