South Korea increases pepper imports from Vietnam market

The Import-Export Department (Ministry of Industry and Trade) cited statistics from the International Trade Center (ITC) saying that in the first 10 months of 2023, South Korea imported approximately 4.54 thousand tons of pepper, worth 21.47 million USD, down 27.1% in volume and 32.3% in value compared to the same period last year.

South Korea increases pepper imports from Vietnam market

In the first 10 months of 2023, the average import price of pepper from Korea to the world reached 4,732 USD/ton, down 7.1% over the same period last year. In particular, the average import price of pepper from Korea decreased from most sources, except the United States.

In the first 10 months of 2023, Korea imported pepper from 20 countries and territories around the world. Of which, imports were mainly from Vietnam, reaching 4.1 thousand tons, worth 18.2 million USD, down 26.4% in volume and 33.5% in value compared to the same period last year.

Vietnam's pepper market share in total imports of South Korea increased slightly from 89.59% in 10 months of 2022 to 90.47% in 10 months of 2023.

In contrast, South Korea increased pepper imports from the Malaysian market in the first 10 months of 2023, up 5.7% in volume, but down 8.8% in value, reaching 340 tons, down to 1.91 million USD.

Malaysia's pepper market share in Korea's total imports from the world increased from 5.16% in the first 10 months of 2022 to 7.49% in the first 10 months of 2023. In addition, Korea imported a relatively low amount of pepper from the markets of Cambodia, India, and the United States.

According to statistics from the General Department of Vietnam Customs, in the first 11 months of 2023, Vietnam's pepper exports reached 245.66 thousand tons, worth 833.2 million USD, up 18% in volume, but down 7.1% in value compared to the same period in 2022. The average export price of Vietnam's pepper reached 3,392 USD/ton, down 21.3% compared to the same period in 2022.

In November 2023, pepper exports to most traditional and potential markets increased compared to the same period last year, except for the Netherlands and Russia. Notably, Vietnam's pepper export growth to some markets was recorded at a high level, increasing by 2 to 3 digits, including: the United States, India, South Korea, the UK...

In the first 11 months of 2023, Vietnam's pepper exports to markets such as India, the Philippines, Thailand, etc. increased compared to the same period last year. In contrast, pepper exports to markets such as the United States, the United Arab Emirates, Germany, the Netherlands, Russia, South Korea, the UK, etc. decreased.

In the domestic market, according to the Vietnam Pepper Association, the price of black pepper in the domestic market has continuously increased in the first days of December 2023. Although China's import demand has weakened, the demand from Europe and the United States has increased again, causing the selling price to increase sharply.

Source link: https://congthuong.vn/han-quoc-tang-nhap-khau-ho-tieu-tu-thi-truong-viet-nam-292092.html