Vietnamese tea and coffee hold high expectation in the Chinese market
According to the latest report of the media on October 14, after China announced that it has agreed to open the market for three new aquatic products such as white peony, flower bud and corrugated pupa, Vietnam also hopes that the two products of tea and coffee will be in Chinese market. According to reports, China is Vietnam's largest export market for aquatic products, accounting for 27% of Vietnam's total exports of agricultural and aquatic products. As a major source of export revenue for Vietnam, aquatic products account for 30% of the total exports of Vietnamese goods to the Chinese market.
However, the export performance of Vietnamese aquatic products has recently been unsatisfactory. Data show that in September 2019, most agricultural products and aquatic products exports fell sharply. Among them, the biggest decline was coffee, with an export value of only 2.2 billion US dollars, down 20.7% year-on-year. At the same time, the export value of tea, cashew nuts, fruits and vegetables, pepper and other commodities fell by 4-6%. In the case of a downturn in the export of agricultural products, Vietnam’s previously set export targets are unlikely to be realized. It is reported that Vietnam has set a target of 43 billion US dollars for agricultural exports in 2019.
Therefore, under the strong demand for coffee consumption in China, Vietnam has placed its hope of a comeback in the Chinese market. It is understood that in 2018 China's coffee market consumption reached 56.9 billion yuan, and per capita coffee consumption was 6.2 cups. With the increase in coffee consumption in the Chinese market, analysts expect China's per capita coffee consumption to be 10.8 cups by 2023, and the coffee market size is 180.6 billion yuan.