Tuesday, May 21,2024 - 4:28 GMT+7  Việt Nam EngLish 

Pepper export to the Korean market increased nearly 180% 

 Tuesday, April 23,2024

AsemconnectVietnam - In the first quarter of 2024, Korea spent more than 9.37 million USD to import 2,165 tonnes of pepper from Vietnam, an increase of 179.7% in volume and 188.5% in value compared to the same period last year.

According to data from General Department of Customs, Vietnam's pepper exports in March 2024 reached approximately 25,920 tonnes, worth 111.58 million USD, an increase of 92.7% in volume and an increase of 104.8% % in value compared to February 2024, compared to March 2023, down 27.5% in volume, but up 4.8% in value.
In March 2024, Vietnam's average export price of pepper reached 4,305 USD/tonne, an increase of 6.3% compared to February 2024 and a sharp increase of 44.5% compared to March 2023. Thus, the price has increased for the third consecutive time since December 2023.
Including the first quarter of 2024, Vietnam's pepper exports reached 56,780 tonnes, worth 235.82 million USD, down 25.4% in volume, but up 1.1% in value over the same period last year. Vietnam's average pepper export price reaches 4,153 USD/tonne, up 35.5% over the same period in 2023.
In March 2024 compared to the same period last year and overall in the first quarter of 2024, amount of Vietnamese pepper exported to Indian, United Arab Emirates and Egyptian markets decreased. On contrary, pepper exports to many markets increased sharply, such as the United States, Germany, the Netherlands, Pakistan, Thailand...
In March, Vietnam exported 972 tonnes of pepper to Korean market, equivalent to more than 4.44 million USD, an increase of 269.6% in volume and 308.2% in turnover compared to March 2023.
For entire first quarter of 2024, Korea spent more than 9.37 million USD to import 2,165 tonnes of pepper from Vietnam, an increase of 179.7% in volume and 188.5% in value compared to the same period last year, accounting for 3.8% in volume and 4% in turnover of Vietnam's total pepper exports.
Average export price in 3 months reached 4,329 USD/tonne, up 3.14% over the same period last year.
According to Vietnam Pepper Association, since 2001, Vietnam has become the world's largest pepper exporter with a total export volume of 56,506 tonnes, accounting for 28% of the world's total export turnover.
Domestic pepper market on April 22 maintained level of 96,500 - 98,000 VND/kg after increasing continuously in the past week. Demand from the US market increased again, while output decreased in Vietnam and other producing countries, helping pepper prices increase to 9,000 VND/kg this week.
This year's dry season is extremely hot and prolonged, causing many crops such as pepper to lose productivity and decline.
From the second half of April 2024, pepper reserves purchased at low prices are about to be exhausted, causing importers to increase purchases. Along with that, the Muslim month of Ramadan ended, Indonesian market returned, helping trading market become more vibrant.
Rising world demand helped Vietnamese pepper prices recover strongly last week. According to some sources, at the Annual Conference of the American Spice Trade Association - ASTA 2024, more than 10,000 tonnes of pepper were signed by the parties.
Vietnam Pepper and Spice Association (VPSA) said that due to low supply, high USD and global geopolitical situation, transportation is difficult. In addition, speculation is main reason for recent increase in pepper prices.
Import-Export Department (Ministry of Industry and Trade) forecasts that pepper prices in producing countries will continue to remain high due to increased demand, while supply from producing countries Indonesia, Brazil, Malaysia and Cambodia is not enough compensation for decrease in exports from Vietnam.

L. Giang
Source: Vitic/ congthuong.vn
 

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