Vietnamese Bananas Anticipate Increased Exports to South Korea with Expected Tariff Reduction in 2024
Market & Price Trends
Published Nov 18, 2023
The Vietnamese banana exports can potentially increase to the South Korean market as the import tariff for Vietnamese bananas is expected to be reduced to 0% in 2024. This tariff reduction presents a significant advantage for Vietnamese bananas to expand their presence in one of the challenging markets in Asia. In 2022, Vietnamese bananas held a 6% market share in South Korea, and this is projected to increase to 10% by the end of 2023. The market landscape is evolving with the entry of new players, including traders and smaller farmers, who predominantly supply Vietnamese lowland bananas. As the weather gets colder, the availability of highland bananas decreases, creating an opportunity for highland farm owners to capitalize on the growing demand by expanding their cultivation from 2024 to 2025.