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, increased by 92.7% in volume and 104.8% in value compared to March 2024, compared to March 2023 decreased by 27.5% in volume but increased by 4.8% in value.
In March 2024, the average export price of Vietnamese pepper reached 4,305 USD/ton, up 6.3% compared to March 2024 and up 44.5% compared to March 2023. Thus, the price has increased for the third consecutive time since December 2023.
In the first quarter of 2024, Vietnam’s pepper exports reached 56.78 thousand tons, worth 235.82 million USD, decreased by 25.4% in volume but increased by 1.1% in value compared to the same period in 2023. The average export price of Vietnamese pepper reached 4,153 USD/ton, up 35.5% compared to the same period in 2023.
In March 2024 compared to the same period last year, the volume of Vietnamese pepper exported to the Indian, United Arab Emirates, and Egyptian markets decreased. In contrast, pepper exports to many markets increased sharply, such as: USA, Germany, Netherlands, Pakistan, Thailand …
In the first 3 months of 2024, pepper exports to many traditional and potential markets increased sharply, such as: USA, India, Germany, Netherlands, Pakistan… On the other hand, pepper exports decreased to the markets: United Arab Emirates, Thailand, Egypt…
Among the markets, South Korea has emerged as an active buyer of Vietnamese pepper since the beginning of the year.
Specifically, in March, Vietnam exported 972 tons of pepper to South Korea, equivalent to more than 4.44 million USD, an increase of 269.6% in volume and 308.2% in turnover compared to March 2023.
In the first quarter, the land of kimchi spent more than 9.37 million USD to import 2,165 tons of pepper from Vietnam, an increase of 179.7% in volume and an increase of 188.5% in value compared to the same period last year. This country accounts for 3.8% of the volume and 4% of the turnover in Vietnam’s total pepper exports.
The 3-month average export price reached 4,329 USD/ton, up 3.14% compared to the same period last year.
According to the Vietnam Pepper Association, starting from 2001, Vietnam has become the world’s largest pepper exporting country with a total export volume of 56,506 tons, accounting for 28% of the world’s total exports. Also from here, Vietnam has continuously been the leading country in pepper production and export.
In the past time, the price of pepper in the country has continuously skyrocketed, reaching nearly 100,000 VND/kg. The Vietnam Pepper and Spice Association (VPSA) said that due to low supply, high USD, and global geopolitical situation, transportation has encountered difficulties. In addition, speculation is the main reason leading to the surge in pepper prices in recent times.
Currently, the harvest in our country has basically ended. After harvesting, experts warned that pepper plants will often be “exhausted”, and it is also the time of the dry season.
The Import-Export Department forecasts that pepper prices in producing countries will continue to remain high due to increasing demand, while supply from producing countries such as Indonesia, Brazil, Malaysia, and Cambodia is not enough to compensate for the decrease in exports from Vietnam.
