Vietnam is the fifth largest tea supplier to the United States, with the share of tea imports from the nation as part of total US tea imports increasing by 0.5 percentage points compared to January, 2021.
|The share of tea imports from Vietnam as part of total US tea imports expands by 0.5 percentage points on year.|
The Import-Export Department under the Ministry of Industry and Trade quoted statistics from the United States International Trade Commission (USITC) as saying that US tea imports in January reached 8.65 thousand tonnes, worth US$40.6 million, up 2% in volume and 13.4% in value compared to January, 2021.
The average price of imported tea into the US in January therefore stood at US$4,688.7 per tonne, an annual rise of 11.3% on-year.
Argentina, China, and India made up the three major tea suppliers to the US market, with imported tea from these three locations accounting for 57.7% of total US tea imports in January.
Most notably, both the US’ volume and value of imports from the country increased in January, with the import price of tea hovering at around US$1,668.6 per tonne, up 22.5% compared to January, 2021.
Black tea and green tea were the two main types of tea imported by the US in January, with Vietnam being the sixth largest supplier of black tea to this market, with volume and value of black tea imports from the nation both seeing growth.
The proportion of black tea imports from the Vietnamese market expanded by 0.9 percentage points on-year.
Despite being the fourth largest supplier of green tea to this market, both the US’ volume and value of imports from Vietnam suffered a fall as the proportion of green tea imports from the country dropping by 1.5 percentage points from early last year.
Nam Son Co., Ltd and Asia Tea of Vietnam will supply tea to Kong Wooi Fong Tea Merchants Sdn Bhd based in Malaysia under a contract worth up to 2 million USD.
Vietnamese tea makers are now faced with choosing to either renovate or leave the industry.