In March, Vietnam exported 972 tons of pepper to the Korean market, equivalent to more than 4.44 million USD. In the first quarter of 2024, Korea spent more than 9.37 million USD to import 2,165 tons of pepper from our country.
In March, Vietnam exported 972 tons of pepper to the Korean market, equivalent to more than 4.44 million USD.
According to statistics from the General Department of Customs, Vietnam’s pepper exports in March 2024 reached approximately 25.92 thousand tons, worth 111.58 million USD. In March 2024, the average export price of Vietnam’s pepper reached 4,305 USD/ton. Including the first quarter of 2024, Vietnam’s pepper exports reached 56.78 thousand tons, worth 235.82 million USD. The average export price of Vietnam’s pepper reached 4,153 USD/ton.
In the first quarter of the year, Vietnam’s pepper exports to many markets increased sharply, such as the United States, Germany, the Netherlands, Pakistan, Thailand… Notably, in March, Vietnam exported 972 tons. pepper to the Korean market, equivalent to more than 4.44 million USD, an increase of 269.6% in volume and an increase of 308.2% in turnover compared to March 2023.
For the entire first quarter of 2024, Korea spent more than 9.37 million USD to import 2,165 tons of pepper from Vietnam, an increase of 179.7% in volume and 188.5% in value compared to the same period last year. . The average export price in 3 months reached 4,329 USD/ton.
The domestic pepper market is around 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.
According to the Vietnam Pepper and Spice Association (VPSA), low supply, high USD and the global geopolitical situation make transportation difficult. In addition, speculation is the main reason for the recent increase in pepper prices.
The 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. compensate for the decrease in exports from Vietnam.
According to data from the General Department of Customs, in 2023, Vietnam will export 267 thousand tons of pepper, bringing in 912 million USD. Vietnam’s average pepper export price will reach about 3,420 USD/ton in 2023.
Commenting on Vietnam’s pepper industry, VPSA said that in addition to the challenge of shrinking acreage due to competition with a number of other crops, the pepper industry also faces a series of new requirements from importing countries. , requiring both associations, businesses and farmers to prepare and respond appropriately.
Global pepper output in the 2024 crop is also estimated to decrease when forecasts from producing countries all decrease. However, according to VPSA, this decrease is still lower than the decrease in global consumption demand, so it is forecast that pepper prices will be difficult to increase continuously in the long term.
According to Phuong Linh (TRAND AND LAW)
