Prices of processed fruits and vegetables imported from Vietnam to Russia increased by nearly 33%
Vietnam's processed vegetables and fruits imported to Russia increased sharply in value in the first seven months of this year, thanks to high import and export growth.
According to the Federal Customs Service of Russia, in the first seven months of 2021, the import value of processed vegetables and fruits from Russia reached 599 thousand tons, worth USD 746.4 million, an increase of 11.8% in volume and 15.1% in value over the same period in 2020.
The average import price of processed vegetables and fruits reached USD 1,246/ton, increased by 2.9% over the same period in 2020.
Russia imports the most processed fruits and vegetables from China, however, the volume and value of imports from China decreased in the first seven months of 2021, reaching 119 thousand tons and USD 110.9 million, a decrease of 15% in volume and a decrease of 12% in value over the same period in 2020.
The average import price of processed fruits and vegetables from China was at a low level of USD 935.2/ton, increased by 3.6% over the same period in 2020.
Vietnam is the sixth largest market for processed fruit and vegetables for Russia, accounting for 5% of total imports. In the first seven months of this year, Vietnam's processed vegetables and fruits imported to Russia reached 30,000 tons and over USD 30 million, an increase of 13.8% in volume and 51.2% in value.
The value of processed fruits and vegetables imported from Vietnam into Russia increased sharply as above and had a much higher increase than the growth in volume thanks to a sharp increase in import prices.
In the first seven months of the year, the import price of processed fruits and vegetables from Vietnam to Russia averaged USD 1,011.2 per ton, an increase of 32.8% over the same period in 2020.
According to the Import-Export Department (Ministry of Industry and Trade), Vietnam is the first partner to sign the Free Trade Agreement with the Eurasian Economic Union with the rate of nearly 90% of tariff lines being cut or reduced, of which 59.3% of tariff lines are eliminated. This is a good opportunity for Vietnamese exporters, including processed fruits and vegetables, which are Vietnam's strong exports to Russia.
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