Pepper exports to the Chinese market are expected to increase sharply in early 2025

 

Industry and Trade Newspaper

November 10, 2024

Pepper exports to the Chinese market in the first 10 months of 2024 decreased by 84% and are forecast to increase sharply again in early 2025.

There is a shift in the market and types of pepper exported,

According to preliminary statistics of the Vietnam Pepper and Spice Association, in the month of October 2024, Vietnam exported 18.493 tons of pepper of all kinds with a total export turnover of 120,2 million USD. The average export price of black pepper in the month reached 6.284 USD/ton, down 28 USD, and white pepper reached 8.029 USD/ton, up 191 USD. The United States remained the largest export market in October, accounting for 10%, reaching 27,7 tons, down 5.128% compared to September. Next were the markets: Hong Kong reached 8,5 tons, UAE reached 9 tons, Netherlands reached 1.784 tons and Germany reached 1.382 tons.

In the first 10 months of 2024, pepper exports will earn 1,1 billion USD.

 

By the end of October 2024, Vietnam had exported 219.387 tons of pepper of all kinds, of which black pepper reached 193.892 tons and white pepper reached 25.495 tons. Total export turnover reached more than 1,1 billion USD, of which black pepper reached 881,6 million USD and white pepper reached 162,6 million USD. Compared to the same period last year, the export volume decreased by 1,9% (black pepper decreased by 3,3%, white pepper increased by 10,8%), but the export turnover increased by 48,0%. The average export price of black pepper in 10 months reached 4.971 USD/ton, an increase of 1.528 USD and white pepper reached 6.626 USD/ton, an increase of 1.671 USD compared to the same period in 2023.

Olam Vietnam is the largest exporter in the first 10 months of 2024, reaching 23.160 tons, accounting for 10,6% and increasing by 51,1% over the same period. Next are enterprises such as Phuc Sinh reaching 20.118 tons, accounting for 9,2%, increasing by 58,2%; Nedspice Vietnam reaching 17.014 tons, accounting for 7,8%, increasing by 10%; Haprosimex JSC reaching 16.002 tons, accounting for 7,3%, increasing by 77,5% and Tran Chau reaching 14.031 tons, accounting for 6,4% and decreasing by 0,8%...

The United States is the largest export market for Vietnamese pepper, accounting for 28,5%, reaching 62.553 tons, up 46,8% over the same period last year. Next are the markets: UAE reaching 14.540 tons, accounting for 6,6%, up 45,0%; Germany reaching 13.737 tons, accounting for 6,3%, up 77,2%; India reaching 9.428 tons, accounting for 4,3%, down 10,5% and the Netherlands reaching 9.295 tons, accounting for 4,2%, up 41,2% over the same period. China is the 6th largest export market of Vietnam reaching 9.252 tons, but compared to the same period, the export volume decreased by 84%.

Quarter III/2024, pepper price on the market world remained high, especially in August and September. The reason is said to be limited supply and increased import demand from markets. Entering the month of October 2024, pepper prices decreased due to sell-offs due to liquidity needs. In addition, the world pepper supply was supplemented from Brazil and Indonesia, while low demand from China affected pepper prices on the world market. Although it decreased sharply compared to the end of the month of September 2024, pepper prices in October 2024 still remained high.

In the third quarter of 2024, Vietnam's pepper exports will shift significantly. If in the second quarter of 2024 and the third quarter of 2023, Asia was Vietnam's largest pepper exporting region, then in the third quarter of 2024, there will be a shift to the Americas.

Accordingly, the proportion of Vietnam's pepper exports to the Americas increased from 27,63% of total turnover in the third quarter of 2023 to 39,23% in the third quarter of 2024. In contrast, the proportion of Vietnam's pepper exports to the Asian region decreased from 41,76% in the third quarter of 2023 to 28,66% in the third quarter of 2024 (mainly due to reduced exports to the Chinese market). In the first 9 months of 2024, Vietnam's pepper exports to most continents increased sharply (thanks to increased prices) compared to the same period last year, except for Oceania.

In the third quarter of 2024, the structure of exported pepper types has shifted compared to the third quarter of 2023. Accordingly, Vietnam increased the export of ground black pepper and ground white pepper, the proportion increased from 14,89% and 5,06% in the third quarter of 2023 to 16,91% and 4,47% in the third quarter of 2024. This shows that Vietnam's pepper industry has shifted to exporting processed pepper, instead of focusing on exporting raw pepper as before.

Regarding the EU market, on November 4, 2024, the European Commission published Implementing Regulation (EU) 2024/2794 amending Implementing Regulation (EU) 2021/1378 concerning the recognition of certain bodies/entities performing organic control and certification in third countries for organic products imported into the EU pursuant to Article 46 of Regulation (EU) 2018/848 of the European Parliament and of the Council. This Regulation amends Annex II of Implementing Regulation (EU) 2021/1378 to list certain bodies/entities recognized by the EU to perform organic control and certification services for groups of products imported into the EU.

“In accordance with the new EU organic regulation EC 2018/848, in order to ensure transparency and meet higher requirements for organic assessment, the list of certification bodies that can carry out organic assessment according to the new regulation has been updated”, Vietnam Pepper and Spice Association said.

Three new certification bodies have been added to the list, bringing the total number of entities that can conduct new EU organic assessments in Vietnam to 12. These organizations have been granted the authority and capacity to conduct organic assessments according to the new EU standards in Vietnam.

The current CB list includes organizations that can assess according to the EC 2018/848 organic standard in Vietnam. Each CB is capable of assessing different categories depending on its competence and scope of licensing. The categories are clearly shown in the table, helping organic producers and exporters to choose the certification organization that suits their specific needs.

Expanding this list not only helps meet the growing demand for organic certification in Vietnam but also contributes to ensuring the quality and reputation of organic products exported to the EU market.

Pepper export activities are forecasted to be unfavorable in the short term.

In the short term, world pepper prices are forecast to fluctuate in a downward trend. However, the downward trend will not last long due to limited supply and increased import demand due to seasonal factors.

In major import markets, demand increased in the United States, the EU and Asia, but remained sluggish in the Middle East and China. Inventory levels have fallen significantly, causing farmers and dealers to limit sales. Brazil is currently the world's second largest producer and exporter of black pepper, accounting for 17-18% of global supply.

However, Brazil’s pepper exports for the 2024 crop are expected to decline for the third consecutive year due to low production. Meanwhile, Vietnam’s new 3 pepper crop is expected to be delayed by one month, which will have a positive impact on world pepper prices.

The Import-Export Department forecasts that Vietnam's pepper export activities will not be favorable in the last months of this year due to low domestic supply and low demand from China.

It is expected that in early 2025, Vietnam's pepper exports will be favorable thanks to the expected sharp increase in demand from the Chinese market. Meanwhile, after Indonesia's most recent harvest, until the month of February 2025, the world's pepper supply has not been significantly supplemented. This is considered a favorable factor when Vietnam enters the new harvest in 2025.

Sources: https://congthuong.vn/xuat-khau-ho-tieu-sang-thi-truong-trung-quoc-du-bao-se-tang-manh-vao-dau-nam-2025-357913.html

 

Pepper Market on November 10, 2024

 

Pepper Market on November 10, 2024: Last week's market decreased by 500 - 1,000 VND

Posted onNovember 10, 2024by VPA

November 10

Pepper prices today (November 10) fluctuated at 139,500 - 141,000 VND/kg. Overall, pepper prices continued to decrease slightly by 500 - 1,000 VND in the Southeast region throughout the week.

 

 

In the world market

Updated from the International Pepper Community (IPC), at the end of last week, the price of Indonesian Lampung black pepper was listed at 6,706 USD/ton, a slight increase of 0.3% compared to the beginning of the week.

In contrast, Kuching Malaysia black pepper prices fell 1.2% last week to $8,400/ton. Similarly, Brazilian ASTA 570 black pepper prices also fell 1.6% to $6,300/ton.

 Vietnam's  export  prices of 500 g/l and 550 g/l black pepper continued to move sideways in the range of 6,500 - 6,800 USD/ton.

Update pepper information

According to information from  Dak Nong Newspaper , according to Mr. Le Anh Son, Director of Binh Minh Cooperative in Ea Po commune, Cu Jut district, the pepper market has fluctuated strongly since the beginning of 2024.

In 2023, pepper prices were at 65,000 - 70,000 VND/kg, but by 2024 they fluctuated at 140,000 - 150,000 VND/kg, at times reaching 160,000 VND/kg.

Vietnam's pepper is mainly exported and the reduced supply is the main reason for the high price. This year, businesses have had difficulty purchasing pepper due to reduced output.

Mr. Son said that in the past, most pepper farmers harvested, dried, and transported all the products to agents and businesses for consignment or sale.

However, in recent years, farmers have focused on understanding market information and changing the way they sell. Farmers build warehouses to store pepper at home and only sell it when they need money.

Farmers have become more involved in the process of determining pepper prices. Farmers rarely consign, leading to the chain of purchasing systems from agents, businesses, and export units not knowing exactly the pepper output of Vietnam in general, and Dak Nong in particular. This is also a factor contributing to the increase in pepper prices.

The above changes are in accordance with the law of supply and demand of the market. This forces businesses, including pepper buyers and sellers, to change.

According to Mr. Son, if businesses continue to purchase pepper by signing fake contracts with exporters as before, they will easily face the risk of a shortage of goods.

Dak Nong has the largest area and output of coffee and pepper in Vietnam. Currently, the province has about 33,800 hectares of pepper, with an output of 70,685 tons; 131,000 hectares  of coffee   , with an output of 360,000 tons.

According to VietnamBiz.vn

 

 

MADAGASCAR and CLOVE UPDATE 7th NOVEMBER, 2024

November 8, 2024

MADAGASCAR  and  CLOVE  UPDATE  7th  NOVEMBER, 2024

MANANARA,  Madagascar, 7th November, 2024:-   Clove  is on fire !   No doubt.   Madagascar local price is really highly bullish as of now.   This year was a history in Madagascar – that  harvest across all regions of Madagascar started at the same time;  opened at same price which was much higher than last year;  and now, harvest 75%--80% finished through out Madagascar !  This is history !   Never happens like this in Madagascar.

Normally, in Madagascar,  the usual pattern used to be – South Madagascar [regions like  Vangaindrano, Farafangana, Manakkara, Mahanoro etc]  clove harvest starting in August;  Mid North Madagascar [locations like  Fenerive, Vavataeina, Mahmpoo, Sonaeranou etc.]   clove harvest starting by mid September;  and  North Madagascar  [Regions like Manananara,  Marenchotre, Ambanja etc]  harvest starting in  November and extending upto  February-March.      However,  this season,  full of Madagascar harvest started by 2nd half of August and September, and now  by November almost  75%--80% harvest finished and stock  at home of either farmers or stockists !!  And  holding capacity of Madagascar farmers and stockists has increased, and no one want to sell stock at lower price level !   They demand higher price or they do not want to sell;  and they propose to hold  back the stock expecting higher price. !

The expectation of farmers and stockists is worth for them;  as the local market opened in September at Ariary 20,000 per kg,  and now in November, the local price has reached  27000 to 29000;  and at some corners even at  30,000 for raw material !  A price jump of almost 40—50% in  two months time !!

EXPORT OFFERS:

Seriously  no exporter started public offer.  Some exporters are giving offers to their regular customers privately.  All exporters are also waiting to see the price movement.    Some speculators and forward sellers had offered  in September and October  USD 7300 to 7500 for December shipment ;  But all that would end up in default only – no doubt.   In September and in October, I wrote in my blog, all such forward offers are only to default, and with mal intention.  In September itself,  I had indicated,  market looks very firm.

As of today, 7th November,  my view is that   a genuine offer cannot be below USD 8400 !   Last 3 weeks,  weekly increase in clove price is almost USD 200 per Mt !  And with that kind of price escalation,  I do not feel any exporter would be able to give lower price offer for business.

My advice to all buyers and importers also,  please do not look for  lower price only.  You all have seen from Indonesia,  how much default happened in last 3 months !   All lower price contracts [price at  USD 6000 to 6500 from Indonesia]  90% defaulted;   and  even contracts at USD 6800-7300 were also shipped with forest clove and old mix !     When looking for only  lower price,  this is the problem.  And Madagascar is “”famous”” for such lower priced offer and default and sellers vanishing after taking advance !  Hence respected  importers and buyers, please be careful.  Do not look for only lower price.

STOCK POSITION:

I used to say continuously,  exact crop estimation is IMPOSSIBLE,  and no one is doing or no one can do.  S  In Africa, Govt has no successful mechanism to conduct survey of crop;  and   international agencies from  UN also depend on certain private estimates only.   And after harvest,  no one is bringing out their crop immediately;  all goes to stock and wait for higher price.    While moving through different villages, what we are seeing  on the ground reality is that,  enough stock available.  But not selling.  Waiting to fetch higher price !  No shortage of stock;  shortage is only because of stock not coming to market for sale – waiting for higher price !

MADAGASCAR OLD STOCK:  Madagascar never goes without carry over stock.  I used to write this in my blogs often.    Madagascar still have more than 4000 Mt of last year carry over stock.  These carry over stock is well dried to 10% moisture;  and some are good bright brown colour;  and some are black or black mixed.

INTERNATIONAL STOCK POSITION:   When we talk about Clove international market,  mainly we  need to speak about   India  and Indonesia only;  as these are the two destinations consuming Clove to the maximum.  And for Indonesia,  import is secondary.  Indonesia consumers mainly domestic production.  So in short, we need to talk about  Indian situation only – as India is the single largest importer of Clove from any origin  - from  Indonesia,  Africa,  Sri Lanka.

Indian stock is fully dried out.  And therefore,  India needs to replenish stock immediately.   Demand is increasing.  This would also add up for bullish trend in Clove.  Yes,  really for the time being, Clove price is on fire !

Wishing you all safe trading !

GIRISH KS

CLOVE BLACK PEPPER DRIED GINGER AFRICAN ORIGINS---SPICES, BEANS AND NUTS TRADING 

 

 

 

Pepper Market November 7, 2024

 

Pepper Market November 7, 2024: Price increases again

Posted onNovember 7, 2024by VPA

07
Nov

Pepper prices today (November 7) continued to increase again to around 138,000 - 139,000 VND/kg. According to VPSA, by the end of October, Vietnam had exported 219,387 tons of pepper with a total turnover of over 1.1 billion USD, down 1.9% in volume but up 48% in turnover.

 

In the world market

Updated from the International Pepper Community (IPC), in the most recent trading session,  the price of   Indonesian Lampung black pepper continued to extend its downward trend to 6,634 USD/ton, down 0.47% compared to the previous trading session.

Elsewhere, pepper prices remained stable. Of which, Brazilian pepper ASTA 570 was flat at $6,300/ton after falling the previous day; Malaysian Kuching black pepper was priced at $8,500/ton.

 Vietnam's  export  prices of 500 g/l and 550 g/l black pepper remain stable at around 6,500 - 6,800 USD/ton.

 

 

Update pepper information

According to preliminary statistics from the Vietnam Pepper and Spice Association (VPSA), in October, Vietnam exported 18,493 tons of pepper of all kinds with a turnover of 120.2 million USD. The export volume increased by 7.9% compared to the previous month, but decreased by 3.6% compared to the same period last year.

The average export price of black pepper in the month reached 6,284 USD/ton, down 28 USD compared to the previous month, while the price of white pepper reached 8,029 USD/ton, up 191 USD.

The US remained the largest export market in October, accounting for 27.7% of total exports, reaching 5,128 tons, down 8.5% compared to September. The following markets were Hong Kong: 1,784 tons, UAE: 1,382 tons, the Netherlands: 1,000 tons and Germany: 960 tons.

Meanwhile, Olam was still the largest exporter last month, reaching 2,595 tons, accounting for 14.0%, followed by the following enterprises: Nedspice Vietnam: 1,878 tons, Phuc Sinh: 1,605 tons, Tran Chau: 1,397 tons and Lien Thanh: 1,202 tons.

By the end of October, Vietnam had exported a total of 219,387 tons of pepper of all kinds with a turnover of more than 1.1 billion USD, a slight decrease of 1.9% in volume but a sharp increase of 48% in turnover compared to the same period last year.

Of which, black pepper exports reached 193,892 tons, white pepper reached 25,495 tons (black pepper decreased by 3.3% while white pepper increased by 10.8%), corresponding to turnover of 881.6 million USD and 162.6 million USD.

The average export price of black pepper in 10 months reached 4,971 USD/ton, an increase of 1,528 USD/ton and white pepper reached 6,626 USD/ton, an increase of 1,671 USD/ton compared to the same period in 2023.

Regarding export markets, the US is the largest export market for Vietnamese pepper after 10 months, accounting for 28.5% reaching 62,553 tons, up 46.8% over the same period last year.

Next are the markets: UAE: 14,540 tons, accounting for 6.6%, up 45.0%; Germany: 13,737 tons, accounting for 6.3%, up 77.2%; India: 9,428 tons, accounting for 4.3%, down 10.5% and the Netherlands: 9,295 tons, accounting for 4.2%, up 41.2% over the same period. China is Vietnam's 6th largest export market, reaching 9,252 tons, but compared to the same period, the export volume decreased by 84%.

Olam Vietnam is the largest exporter in the first 10 months of 2024, reaching 23,160 tons, accounting for 10.6% and increasing by 51.1% over the same period. Next are the following enterprises: Phuc Sinh: 20,118 tons, accounting for 9.2%, increasing by 58.2%; Nedspice Vietnam: 17,014 tons, accounting for 7.8%, increasing by 10.0%; Haprosimex JSC: 16,002 tons, accounting for 7.3%, increasing by 77.5% and Tran Chau: 14,031 tons, accounting for 6.4% and decreasing by 0.8%...

According to VietnamBiz.vn

 

Pepper Market on November 6, 2024

 

Pepper Market on November 6, 2024: Price drops by 4,000-5,000 VND

Posted onNovember 6, 2024by VPA

06
Nov

Pepper price today (November 6) fluctuates at 135,000 - 136,000 VND/kg, down sharply by 4,000 - 5,000 VND compared to yesterday.

In the world market

Updated from the International Pepper Community (IPC), in the most recent trading session, the price of Indonesian Lampung black pepper continued to decrease slightly by 6 USD/ton compared to the previous trading session, down to 6,665 USD/ton.

Similarly, the price of Brazilian pepper ASTA 570 decreased by 1.59% (100 USD/ton), down to 6,300 USD/ton.

Kuching Malaysia black pepper remained stable at USD 8,500/ton.

 Vietnam's  export  prices of 500 g/l and 550 g/l black pepper remained stable at around 6,500 - 6,800 USD/ton.

Type name	World black pepper price list
	November 6 (Unit: USD/ton)	% change from previous day
Lampung Black Pepper (Indonesia)	6.665	-0.09
Brazilian Black Pepper ASTA 570	6,300	-1.59
Kuching Black Pepper (Malaysia) ASTA	8,500	0.0
Vietnamese black pepper (500 g/l)	6,500	0.0
Vietnamese black pepper (500 g/l)	6,800	0.0

At the same time of survey, the price of Indonesian Muntok white pepper also decreased by 8 USD/ton, down to 9,125 USD/ton.

Meanwhile, the price of white pepper from Vietnam and Malaysia remained stable at 9,500 USD/ton and 11,000 USD/ton.

Type name	World white pepper price list
	November 6 (Unit: USD/ton)	% change from previous day
Muntok Indonesian White Pepper	9.125	-0.09
ASTA Malaysian White Pepper	11,000	0.0
Vietnam white pepper	9,500	0.0

Update pepper information

According to Nong Nghiep Newspaper, after many days of being affected by heavy rain caused by storm No. 6, a series of pepper gardens of people in Gio An commune, Gio Linh district, Quang Tri province were flooded.

After the water receded, many underground water sources continuously appeared, causing the pepper plant roots to be at risk of being flooded and invaded by fungi. This situation appeared after the historic flood in October 2020, causing dozens of hectares of pepper in Gio An commune to die and be affected.

Mr. Le Phuoc Hieu, Vice Chairman of Gio An Commune People's Committee, said that the water vein that appeared in 2020 caused nearly 20 hectares of pepper in the locality to have yellow leaves, rotten roots and die completely; more than 60 hectares of pepper were affected in productivity and quality, and it took a long time to recover.

At this time, the entire Gio An commune has identified 3 hectares of pepper showing symptoms of yellowing, wilting, and leaf loss, with a very high risk of death. If it continues to rain, the area of ​​dead pepper could reach 10 hectares.

According to Mr. Hieu, people are currently actively saving pepper gardens. Some immediate tasks include creating fences to prevent water from flowing into the pepper gardens; creating drainage ditches around the pepper gardens and between the pepper rows; and mounding the pepper plants to reduce the risk of pepper dying. Some households are cutting down and pruning choai trees to create ventilation for the pepper gardens to drain water quickly.

“Pepper is the main crop in Gio An commune. This year, pepper prices have increased, people are very excited, but now there is a risk of great losses. If the measures people have taken are still ineffective, they will be forced to switch to other crops. This is very regrettable because Gio An currently has dozens of hectares of very valuable organic pepper,” Mr. Hieu shared.

According to VietnamBiz

Pepper Market on November 4, 2024

 

Pepper Market on November 4, 2024: Stable at the beginning of the week, pepper exports of Dak Lak province skyrocketed

Posted onNovember 4, 2024by VPA

04
Nov

Pepper prices today  (November 4) are stable at around 140,000 - 141,000 VND/kg. By the end of the third quarter, pepper exports from Dak Lak province reached more than 31,000 tons with an average price of 6,239 USD/ton, up 83.3% and 67.5% respectively over the same period.

Update pepper price

In the domestic market

See more:  Pepper price today November 3

Pepper prices  today have no new fluctuations, fluctuating at 140,000 - 141,000 VND in localities.

Accordingly,  pepper prices   in Dak Lak, Dak Nong, Ba Ria - Vung Tau and Dong Nai provinces are being purchased at 141,000 VND/kg.

In Gia Lai and Binh Phuoc provinces, the transaction price is lower at 140,000 VND/kg.

Update pepper information

According to  Dak Lak Newspaper , along with the country's export growth, the export situation of goods in the province continues to achieve many positive results. The total export turnover of the whole province in the first 9 months of 2024 reached more than 1.4 billion USD (an increase of 29% over the same period last year).

Besides coffee, pepper is a commodity with high growth rate in both volume and export price of the province. By the end of the third quarter of 2024, pepper export of Dak Lak province reached more than 31,000 tons with an average price of 6,239 USD/ton, up 83.3% and 67.5% respectively over the same period last year.

As a leading enterprise in exporting pepper and coffee, the export turnover of Dak Lak 2-9 Import-  Export  Company Limited  has also increased sharply in recent times. Particularly for pepper, the unit exported 12,238 tons of pepper, earning over 59.7 million USD (up 278% over the same period).

Currently, the prices of agricultural products are still high, which is a positive signal for the province's export turnover in the last months of the year. At this time, the business community is making every effort to complete the goals and plans set for the whole year 2024.

However, many export enterprises in the province also shared that although export turnover has increased sharply in recent times, they also face many difficulties in the production and business process.

For example, the high price of agricultural products, especially coffee and pepper, has caused difficulties for export enterprises in purchasing raw materials. Many orders have suffered heavy losses when they have to buy at high prices to have goods to deliver to partners.

According to VietnamBiz.

 

• Vietnamnet global

04/11/2024   09:30 (GMT+07:00)

Domestic supply struggles drive Vietnam’s pepper imports to $108 million

Facing limited domestic output and high global prices, Vietnamese companies imported significant quantities of pepper, totaling VND 2.7 trillion ($108 million) in the first 10 months of 2024.

Limited domestic supply has driven pepper prices up. Photo by Minh Khang

According to preliminary statistics, over the past 10 months, enterprises have disbursed $108 million to import pepper. This marks a significant 38.2% increase compared to the same period last year.

Most of the imported pepper comes from Brazil, Indonesia, and Cambodia.

Phan Minh Thong, Chairman of Phuc Sinh Joint Stock Company, stated that Vietnam’s pepper industry is benefiting from high export prices due to limited supply.

“This year, pepper farmers have enjoyed higher selling prices. On the other hand, export companies have struggled to buy sufficient domestic pepper, which is one reason Phuc Sinh has imported significant amounts from Brazil and Indonesia,” Thong explained.

The main reasons include reduced domestic production, farmers holding back supplies to speculate, and prolonged droughts exacerbating the scarcity of local pepper.

On the other hand, the Ministry of Agriculture and Rural Development (MARD) reported that in the first 10 months of 2024, Vietnam exported about 220,300 tons of pepper, with an estimated value of $1.12 billion. Although the export volume decreased by 2.3% compared to the same period last year, the value surged by 48.2%.

The average export price of pepper over the 10 months of 2024 was estimated at $5,084 per ton, up 51.7% from the same period in 2023.

The main export markets include the U.S., Germany, and the United Arab Emirates (UAE), which together accounted for 44.2% of Vietnam’s “black gold” export value over the first 9 months of 2024. Notably, exports to Germany increased by 2.4 times compared to last year.

Tam An