In the first 8 months of 2022, Vietnam’s tea exports reached 78 thousand tons, equivalent to a turnover of 135 million USD, down 2.2% in volume and up 1.6% in turnover compared to the same period in 2021.
In August, Vietnam exported 12 thousand tons of tea, with a turnover of 21 million USD, down 4.0% in volume and up 0.8% in turnover over July 2022. The exports were an increase of 16.0% in volume and 22.6% in turnover over August 2021.
Data from the General Department of Customs showed that Vietnam’s tea exports in July 2022 reached 12.5 thousand tons, equivalent to a turnover of 21.19 million USD, up 1.5% in volume and down 6.6% in turnover compared to June 2022. Compared to July 2021, exports were up 8.7% in volume and 2.1% in turnover.
In the first 7 months of 2022, Vietnam exported 66.2 thousand tons of tea, with a turnover of 113.7 million USD, down 4.9% in volume and 1.6% in turnover over the same period in 2021.
In the first 7 months of 2022, Pakistan, Taiwan, and Russia are Vietnam's three largest tea export markets, accounting for 60.5% of total tea exports.
Specifically, tea exports to the Pakistani market increased by 21.9% in volume and 17.9% in turnover over the same period in 2021; on the contrary, tea export to the Taiwan market decreased by 16.3% in volume and 7.9% in turnover; tea exports to the Russian market decreased by 30.9% in volume and 25.3% in turnover.
Vietnam's tea export market in the first 7 months of 2022 had uneven growth compared to the same period in 2021. Specifically, exports to some markets decreased, such as Taiwan, Russia, China, Iraq, India, Ukraine, etc.
However, tea exports to some markets still increased strongly, such as the US increased by 25.3% in volume and 27.9% in turnover; Malaysia increased by 33.7% in volume and 23.7% in turnover; Saudi Arabia increased by 45.9% in volume and 61.9% in turnover, etc.
The strong growth rate in tea exports to these markets shows that Vietnam's tea has met the needs of consumers. Opportunities for Vietnamese tea exporters are huge, as these markets are all major global tea import markets.
According to worldstopexports.com, in 2021, the US was the second largest tea importing market globally, after Pakistan. The US reached 531.8 million USD in tea import, accounting for 8.1% of the total tea import value of the world. Saudi Arabia is the 10th largest market, reaching 188.9 million USD, accounting for 2.9% of the total import turnover of the world.
In addition, free trade agreements such as the CPTPP, the EVFTA, etc., continue to create favorable conditions for Vietnam’s tea products to be presented in partner markets with preferential tariffs.
(First 7 months of 2022)
Asia Tea Company Limited, Phu Tho New Generation One Member Co., Ltd, and Hoang Minh Tea Company Limited were Vietnam’s top 3 tea exporters in the first 7 months of 2022, exporting a total of over 15,000 thousand USD of tea.
According to data from the Hong Kong Census and Statistics Department, Hong Kong’s tea imports in the first 6 months of 2022 reached 8.7 thousand tons, worth 814.7 million HKD (equivalent to 103.8 million USD), down 0.8% in volume and 4.5% in value over the same period in 2021. The average price of imported tea in the first 6 months of 2022 reached 93.67 thousand HKD/ton, down 3.7% over the same period in 2021.
China is the largest tea supplier to Hong Kong in the first half of 2022, accounting for 61% of total tea imports, reaching 5.3 thousand tons, worth 644.8 million HKD (equivalent to 82.1 million USD). Following is the Sri Lankan market with 1.9 thousand tons, equivalent to 74.8 million HKD (equivalent to 9.5 million USD). The proportion of imports from Sri Lanka accounted for 22.3% of the total tea imported from Hong Kong.
Vietnam only supplied a small amount of tea to the Hong Kong market in the first half of 2022, and the volume and value of imports from Vietnam decreased sharply. Tea is a very popular beverage and is of great interest to consumers in the Hong Kong market. According to worldstopexports.com, Hong Kong was the 5th largest tea import market in the world in 2021, with a turnover that accounted for 4% of the total value of global tea imports. Hong Kong's market has a very developed economy, with a GDP per capita reaching 49,613 USD/person/year. In particular, the production of agricultural products and foodstuffs in Hong Kong is very limited and must be imported. Therefore, Hong Kong is a potential exporting market for Vietnam's tea exporters.
Source: The Ministry of Industry and Trade
Compiled by VietnamCredit
