Pepper exports to the Korean market increased by nearly 180%

According to data from the General Department of Customs, Vietnam's pepper exports in March 2024 reached approximately 25.92 thousand tons, worth 111.58 million USD, up 92.7% in volume and 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, the average export price of Vietnam's pepper reached 4,305 USD/ton, up 6.3% compared to February 2024 and up sharply 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 56.78 thousand tons, worth 235.82 million USD, down 25.4% in volume, but up 1.1% in value compared to the same period in 2023. The average export price of Vietnam's pepper reached 4,153 USD/ton, up 35.5% over the same period in 2023.

Xuất khẩu hạt tiêu sang thị trường Hàn Quốc quý 1 tăng gần 180%

Pepper exports to the Korean market in the first quarter of 2024 increased by nearly 180%

In March 2024, compared to the same period last year, and in the first quarter of 2024, the amount of pepper exported from Vietnam to the markets of India, the United Arab Emirates, and Egypt decreased. On the contrary, pepper exports to many markets increased sharply, such as: the United States, Germany, the Netherlands, Pakistan, Thailand, etc.

In March, Vietnam exported 972 tons of pepper to the Korean market, equivalent to more than 4.44 million USD, up 269.6% in volume and 308.2% in value compared to March 2023.

In the first quarter of 2024, South Korea spent more than 9.37 million USD to import 2,165 tons of pepper from Vietnam, up 179.7% in volume and 188.5% in value over the same period last year, accounting for 3.8% in volume and 4% in value in Vietnam's total pepper exports.

The average export price in the first 3 months reached 4,329 USD/ton, up 3.14% over the same period last year.

According to the Vietnam Pepper Association, since 2001, Vietnam has become the world's largest pepper exporter with a total export volume of 56,506 tons, accounting for 28% of the world's total export turnover.

The domestic pepper market on April 22 remained stable at VND96,500 - 98,000/kg after consecutive increases last week. Demand from the US market increased again, while production decreased in Vietnam and other producing countries, helping pepper prices increase by VND9,000/kg during the week.

This year's dry season is extremely hot and dry, causing many crops such as pepper to lose productivity and become exhausted.

From the second half of April 2024, the amount of pepper purchased at low prices is about to be depleted, causing importers to increase purchases. Along with that, the Muslim month of Ramadan ends, the Indonesian market returns, making the trading market more active.

Increased global demand has helped Vietnamese pepper prices recover strongly over the past week. According to some sources, at the 2024 American Spice Trade Association - ASTA Annual Conference, more than 10,000 tons of pepper were signed by the parties to buy and sell.

The Vietnam Pepper and Spice Association (VPSA) said that low supply, high USD and global geopolitical situation have made transportation difficult. In addition, speculation is the main reason for the recent sharp 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 to offset the decrease in exports from Vietnam.

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