BANANA VIETNAM EXPORT TO KOREA
According to the Import-Export Department of the Ministry of Industry and Trade, Vietnam is now the second-largest supplier of bananas to China, behind only the Philippines, with 28.2% of all bananas imported by the market. The General Administration of Customs China provided data, which the department cited, indicating that during the first ten months of this year, 1.46 million tonnes of bananas valued at US$912.4 million were imported by the northern market. This represents a decrease of 10% in value and 7.1% in volume over the same period last year. 3.1% less than the previous year, the average cost of imported bananas was US$623.2 per tonne.
Banana Vietnam Export To Korea:
Most notably, China boosted its imports of bananas from Vietnam while lowering those from the Philippines due to Vietnam's geographic position and rising pricing in the Chinese market. According to the Ministry of Agriculture and Rural Development, the country produces 2.1 million metric tons of bananas on average per year. One fruit that may be harvested year-round is the banana.
- Best Banana Plant Location In Vietnam:
A protocol requiring phytosanitary procedures for fresh bananas exported into China was signed by the Chinese General Administration of Customs and the Vietnamese Ministry of Agriculture and Rural Development on November 11, 2022, during General Secretary of the Communist Party of Vietnam Central Committee Nguyen Phu Trong's official visit to China. Eleven fruits from Vietnam are now authorized for sale in China. The country has accepted many Chinese accords about the phytosanitary requirements for four types of fruits: mangosteen, durian, bananas, and dragon fruit.
Vietnam exported $4.1 million and $6.6 million worth of fresh and dried bananas to South Korea and Japan, respectively, last year. These amounts represented 0.6% and 1.3% of the two countries' respective market shares. During a workshop on Wednesday, Mr. Do Quoc Hung, deputy director of the Ministry of Industry and Trade's Asia-Africa Market Department, said that Vietnam might increase exports if local companies improved the bananas' quality and packaging and conducted more marketing campaigns.
In the first three months of 2023, South Korea imported 8,000 tons of mangos valued at $36.4 million from Vietnam, down 18% in volume and 19% in value from the same period the year before, according to the agency, which cited data from the Korea International Trade Association (KITA). According to the Vietnam Trade Office in South Korea, the considerable pressures that increasing interest rates and inflation are putting on the Korean economy would mean that a number of variables will still affect Vietnam's exports to the country in 2023.
Cultivating bananas is more difficult in Vietnam due to lower productivity and greater labor expenses compared to other countries. For example, productivity per acre is 1.3 workers in the Philippines and 1.5–1.7 workers in Vietnam. The cost of labor is $200 per month in Vietnam and $300 per month in the Philippines. However, compared to the Philippines, which has 15% fewer bad bananas, Vietnam has up to 25% more.
The Chinese market will buy more of this good through official channels in 2023, which will be very beneficial for banana exports. Banana farmers have promptly complied with export regulations. Export prices for bananas may reach 33–34 thousand VND/kg in 2023, which would translate into substantial annual revenues for many growers of 900 million–1.2 billion VND/ha. Seeing that this commodity makes good money and that the market attracts goods, many farmers greatly increase the area. Because they think legally exported bananas will remain steady over time and there are many opportunities to expand the amount given China's growth as a market, some households rent one to six hectares of land to grow bananas for export.
DELICIOUS FRUIT EXPORT COMPANY LIMITED
ADD: 21/7/14 BINH LOI STREET, BINH THANH WARD, HO CHI MINH CITY, VIETNAM
