The average export price of tea in the Chinese market during the first nine months of the year has increased sharply by 66.2 per cent to over US$3,384 per kilo in comparison to the same period last year, according to statistics released by the General Department of Vietnam Customs.
Vietnam shipped a total of 5,800 tons of tea overseas during the first half of October, raking in US$9.8 million, up 1.3 per cent in volume and up 0.4 per cent in value compared to last year’s corresponding period.
Despite this growth, the average export price fell slightly by 0.9 per cent to US$1,686 per ton.
Between the beginning of the year and October 15, the country exported 99, 850 tons of tea worth US$175.1 million, up 2.7 per cent in volume and up 8.8 per cent in value on-year. In line with this increase, the average export price rose by 5.8 per cent to US$1,753 per ton.
Pakistan remained Vietnam’s largest tea importer during the nine-month period, purchasing 31,000 tons of tea for US$62.3 million, up 30.6 per cent in volume and up 18.4 per cent in value compared with last year's same period.
According to projections calculated by the United Nation’s Food and Agriculture Organization (FAO), Pakistan’s consumption of black tea currently stands at 172,900 tons per year, with this figure projected to rise to 250,750 tons by 2027.
With an increasing demand for tea, Pakistan represents a strong potential export market for domestic tea firms.
Elsewhere, the country shipped 13,900 tons of tea to the Taiwanese market during the nine-month period for US$ 21.6 million, up 1.4 per cent in volume and up 2.2 per cent in value.