Vietnam’s pepper output is high this crop, at 200,000 tons, but exports in the first five months of the year fell sharply as speculators reserved money to buy Robusta coffee.
The General Department of Customs (GDC) reported that Vietnam exported 131,500 tons of pepper and had an export turnover of $406.5 million dollars, a decrease of 11.6 percent in quantity and 33.2 percent in value compared with the same period in 2022.
The average export price in May was $3,106 per ton, a decrease of 1.6 percent compared with April and 31 percent compared with May 2022. In the first five months of the year, the average export price of the product called ‘Vietnam’s black gold’ was just $3,092 per ton, down 33.2 percent compared with the same period last year.
The exports to most key markets dropped sharply in the first five years. The five largest markets, including the US, UAE, India, Germany and the Netherlands, all saw decreases of 34-57 percent.
Of the top 10 key markets, only Turkey and Egypt saw sharp three-digit growth rates, 165 percent and 160 percent, respectively. However, export turnover to the two markets account for a small proportion of Vietnam’s total exports.
The international pepper community has warned that the global market will remain lackluster. The slow global economic growth and weak demand from the US and Europe will hinder price increases. Meanwhile, speculators are injecting money into Robusta coffee rather than pepper.
Vietnam is the leading country in terms of pepper output. In 2022, Vietnam exported 220,000 tons, accounting for 55 percent of total pepper output in the globe. The world’s market slump will affect Vietnam’s pepper exports.
Vietnam’s black pepper on June 24 was traded at $3,500 per ton in HCM City (500g/l), $3,600 (550g/l), while white pepper was $5,000 per ton.
In early June, the black pepper price dropped sharply in the domestic market compared with late May 2023 due to weak demand from the US and Europe. The price has slightly decreased, now hovering around VND69,000-72,000 per kilogram.
American and European importers have come back to the market, but they have not made deals as they are still waiting for the harvest crop in Indonesia.
According to the Vietnam Pepper and Spices Association, pepper output in the 2022/2023 crop is expected to increase by 10 percent to 200,000 tons. However, as many farmers have chopped down pepper to grow fruit trees, short supply may occur in three years.
The General Department of Customs (GDC) reported that Vietnam exported 131,500 tons of pepper and had an export turnover of $406.5 million dollars, a decrease of 11.6 percent in quantity and 33.2 percent in value compared with the same period in 2022.
The average export price in May was $3,106 per ton, a decrease of 1.6 percent compared with April and 31 percent compared with May 2022. In the first five months of the year, the average export price of the product called ‘Vietnam’s black gold’ was just $3,092 per ton, down 33.2 percent compared with the same period last year.
The exports to most key markets dropped sharply in the first five years. The five largest markets, including the US, UAE, India, Germany and the Netherlands, all saw decreases of 34-57 percent.
Of the top 10 key markets, only Turkey and Egypt saw sharp three-digit growth rates, 165 percent and 160 percent, respectively. However, export turnover to the two markets account for a small proportion of Vietnam’s total exports.
The international pepper community has warned that the global market will remain lackluster. The slow global economic growth and weak demand from the US and Europe will hinder price increases. Meanwhile, speculators are injecting money into Robusta coffee rather than pepper.
Vietnam is the leading country in terms of pepper output. In 2022, Vietnam exported 220,000 tons, accounting for 55 percent of total pepper output in the globe. The world’s market slump will affect Vietnam’s pepper exports.
Vietnam’s black pepper on June 24 was traded at $3,500 per ton in HCM City (500g/l), $3,600 (550g/l), while white pepper was $5,000 per ton.
In early June, the black pepper price dropped sharply in the domestic market compared with late May 2023 due to weak demand from the US and Europe. The price has slightly decreased, now hovering around VND69,000-72,000 per kilogram.
American and European importers have come back to the market, but they have not made deals as they are still waiting for the harvest crop in Indonesia.
According to the Vietnam Pepper and Spices Association, pepper output in the 2022/2023 crop is expected to increase by 10 percent to 200,000 tons. However, as many farmers have chopped down pepper to grow fruit trees, short supply may occur in three years.
https://vietnamnet.vn/en/pepper-exports-fall-as-speculators-shift-money-into-coffee-2160124.html
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