“Vietnam eyes” to U.S. avocado market

Southeast Asia’s country on Thursday after US President Donald Trump’s threat to close the US-Mexico border said it raised fears that US consumers might see a shortage. Vietnam is seeking to export avocados to the United States.

Avocados prices in the United States grew by almost 50% in April, fearing that Trump would stop deliveries from Mexico, accounting for about 80% of its supply. Both processors and wholesalers began to collect fruit as a result.

The United States imported more than 900,000 tonnes of Mexican avocados last year worth about $ 2.1 billion, 10 times the value it buys from the rest of the world, according to Gro’s Intelligence Growers.

The government said in a statement on its website said Avocados, usually used in guacamole or spread on toast, can be a high winner export to Vietnam.

Avocados consumption is rising in Vietnam, as living standards improve, fueling the interest of domestic buyers.

Le Van Duc, deputy chairman of the plant production department at the Ministry of Agriculture of Vietnam, said: “Avocados are increasingly seen as a fruit of quality that can be used in cooking and beauty products for women.”

Duc by phone to Reuters said: “The avocado plantation area in Vietnam is on the rise due to higher demand.”

This trend is also fueled by poor coffee prices, which have led Vietnamese farmers to switch to other cultures, including avocados, according to Dukah’s department.

Coffee prices hit the lowest in six years this month in new concerns about the US-China trade war and strong sales from Brazil.

Vietnam is already exporting a small volume of avocados to the European Union, but has not yet managed to enter the US market, dominated by Mexican supply.

Duk said it was too early to show whether it would be successful if the Vietnamese would export avocado to the United States.

Duc said: “There will be long negotiations, and more calculations are needed on the scale of production and the quality to compete with other producing countries.”/Investing.com

Stay updated with INFOEUROPEFX to find out the latest news about commodities.