Vietnam's tea exports are at their lowest in 7 years

Vietnam

Market & Price Trends

Published Jan 15, 2024

Tridge summary

Vietnam's tea export output in 2023 is the lowest in 7 years, with an average export price of 1,737 USD per ton, which is only 67% of the global average tea export price of 2,600 USD per ton. The decrease in export activity is attributed to weak global demand, more stringent import regulations in major markets, and a shift in consumer demand towards deeply processed and specialty tea products. To boost exports, the tea industry must focus on increasing the proportion of high-value and new products, promoting safe tea production, and encouraging the use of high technology, biology, and organic agricultural production.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

This is the latest data from Vietnam Customs. Accordingly, 2023 is the year with the lowest export output in 7 years. The average export price of tea last year reached 1,737 USD per ton, an increase of more than 7% compared to 2022, but this price is only 67% of the average export price of tea in the world. The global average export price of tea in 2023 will reach 2,600 USD per ton. According to the Department of Agricultural Product Processing Quality and Market Development (Ministry of Agriculture and Rural Development), the reason why Vietnam's tea export activities have decreased sharply is due to weak world demand and increasing import regulations. more stringent in major markets. Besides, Vietnam's exported tea is mostly in raw form with low processing content. In 2023, tea exports to main markets such as Pakistan, Taiwan and Russia will all decrease. Pakistan's foreign currency shortage makes many importers unable to buy foreign currency to pay export companies. In ...

Source: VNExpress