Tea industry projected to fulfil 2020 target despite pandemic
Vietnam’s tea industry is projected to meet the targets set for this year and earn total revenue of some US$522 million, with green tea making up 51% and black tea 48%.
According to the Vietnam Tea Association, Vietnam shipped 124,000 tonnes abroad via official channels in the first 11 months of 2020, a year-on-year increase of 1.3%. Export revenue stood at US$201 million, down 5.5% against the same period last year.
The figure for the year as a whole is estimated to reach 135,000 tonnes, with revenue of US$220 million.
Tea exports saw rising volumes but declining value as the export price fell 7.4% to US$1,621 per tonne from US$1,750 last year.
Domestic consumption is forecast to stand at 45,000 tonnes this year, raking in US$315 million.
The sector has been challenged this year by various hardships triggered by COVID-19, with disrupted supply, export contracts delayed, and lower tea prices sought, while transport costs remain high.
Companies are seeking ways to bolster domestic consumption to offset the difficulties in exports.