UK reduces coffee imports from Vietnamese market
VOV.VN - The UK increased coffee imports from the majority of its main suppliers, with the exception of Vietnam and Honduras during the first half of the year, according to the Ministry of Industry and Trade.
The Vietnamese share of the coffee market as part of total UK imports decreased from 27.32% during the opening six months of last year to 16.35% this year.
Furthermore, the UK imported 16,400 tonnes of coffee worth US$29 million from the nation, a drop of 48.4% in volume and a decline of 49.3% in value.
Statistics released by the International Trade Center indicate that the UK's coffee imports in the first half of the year reached 100,300 tonnes worth US$424.62 million, representing a year-on-year fall of 13.8% in volume and a drop of 10.9% in value.
The fourth wave of the COVID-19 pandemic has negatively impacted the country’s coffee exports, while the local coffee industry has yet to met the stringent requirements set in terms of the quality and consumption trends of British people.
At present, the nation’s coffee exports are in the form of raw or semi-processed beans, while the UK’s coffee consumption is mainly instant coffee, accounting for 41% of the overall market share, a far higher figure compared to the average figure of 17% in Europe.
Moving forward, the UK’s coffee imports are anticipated to bounce back over the long term, especially following the signing of the UK-Vietnam FTA (UKVFTA) last year which is likely to see Vietnamese agricultural products enjoy competitive advantages in the UK market compared to similar products originating from other countries.
Last year, the UK imported coffee products worth approximately US$1 billion from the nation. However, experts have advised local businesses to meet stringent requirements set by the demanding market by applying Global GAP standards in production in order to gain access to the high-end market.
Moreover, businesses are recommended to pay close attention to products that suit British consumer tastes, while also devising proper strategies aimed at establishing long-term relationships with partners in the UK.
