VIETNAM BUSINESS NEWS OCTOBER 13 - Pepper

 

HCMC economy gains strong growth in Jan-Sept

Gross regional domestic product (GRDP) of HCMC between January and September reached nearly VND1,100 trillion in current prices, up around 9.97% year-on-year, according to the HCMC Statistics Office.

This remarkable figure shows that HCMC’s economy has bounced back quickly after one year of implementing economic recovery programs in the new normal.

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Coffee

Coffee gains highest export value from Jan-Sept

Coffee has outweighed other key items to top the list of agricultural items with the largest export value in the first nine months of the year.

According to the latest data from the General Department of Vietnam Customs, the nation exported 92,550 tons of coffee worth US$226 million in September, a decline of 17.8% and 15.1% in volume and value over the last month.

As of September, the exports of this sector had continued to grow impressively, with 1.34 million tons of coffee worth US$3.06 billion, a year-on-year rise of 13.1% in volume and 37% in value.

Coffee has surpassed many key items such as vegetables, rice and cashew nuts to reap the largest export value in the agricultural sector.

Germany is the largest buyer of Vietnam, with 170,336 tons of coffee worth US$363 million. Belgium came second with 103,024 tons worth US$219 million, followed by Italy with US$236.47 million from 110,631 tons.

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Pepper

Pepper export value surges by 7.1% over nine-month period

Vietnam raked in US$770.44 million from exporting 174,530 tonnes of pepper during the past nine months of the year, a decline of 18% in volume, but up 7.1% in value on-year, according to details given by the Ministry of Industry and Trade.

Throughout the reviewed period, pepper exports to the United States, the United Arab Emirates (UAE), Germany, and the UK fell while exports to markets such as India, the Netherlands, the Republic of Korea (RoK), the Philippines, Russia, and Thailand experienced an upward trajectory.

The average export price of Vietnamese pepper soared by 30.7% to reach US$4,414 per tonne compared to the same period from last year.

Pepper exports are forecasted to continue facing numerous difficulties as global pepper prices continue to drop due to reduced demand occurring in many countries, especially demand from China and the high value of the US$.

According to the Import and Export Department, the amount of pepper in stock in the nation is estimated to be at a relative high of between 80,000 and 100,000 tonnes,

At present, the price of local peppers largely depends on the Chinese market, particularly with European and US importers signing contracts until the end of this year.