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Vietnam became the third largest mango supply market in South Korea

 Last Update: 2023-02-02
 Source: Internet
 Author: User

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Thailand and Peru were South Korea's two largest mango supply markets in the first 11 months of 2022, accounting for 81.
2%
of South Korea's total imports of mangoes from these two markets.
South Korea has huge demand for fresh fruit imports, with an annual import value of more than $1.
6 billion, and continues to grow
strongly.
However, fresh fruits in Vietnam account for a smaller
market share in this market.

South Korea is a market with strong purchasing power, with an annual per capita income of more than $30,000 and imports averaging about $700 billion
a year.
Therefore, the export potential of Vietnamese mangoes and other products to this market is very large
.

In the first 11 months of 2022, Vietnam was South Korea's third-largest mango supply market, with exports of 17,000 tons and an export value of US$7.
4 million
, according to the Import and Export Bureau of the Ministry of Industry and Trade.
The export volume and export value increased by 19.
1% and 24.
8%
year-on-year, respectively.
The average export price of Vietnamese mangoes was US$4,232.
3 per tonne, an increase of 4.
7%
over the same period in 2021.

Statistics show that more than 6 years after the implementation of the Vietnam-Korea Free Trade Agreement (VKFTA), bilateral trade between Vietnam and South Korea has continued to grow
strongly.
Bilateral trade reached US$78.
2 billion in 2021, more than double the size in 2015 (US$36.
5 billion); Among them, Vietnam's exports to South Korea reached US$21.
9 billion in 2021, 2.
4 times
that of US$8.
9 billion in 2015.

In the first 11 months of 2022, Vietnam's exports to South Korea reached US$22.
5 billion, an increase of 13.
4%
over the same period in 2021.
If this rate of growth is maintained, the two countries are likely to achieve their goal of $100 billion in trade by the end of 2023
.

In order to promote exports to this market, trade experts suggest that companies need to improve competitiveness and product quality
.
This is a core element
in meeting the increasingly stringent requirements of the Korean market.

In addition, enterprises should formulate corresponding production and operation plans and actively operate in accordance with market mechanisms; Interconnected and have solutions that participate in the production chain and distribution network of Korean enterprises
.
(End)

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