Volume increased by 30% – Value decreased by 12%
Vietnam has broken its own record for the highest exports of pepper in the current period of 2023. Vietnam exported nearly 0.131 Million Tonnes of pepper in the first five months of this year. Out of total exports, Black pepper accounted for the majority of exports, while the rest was white pepper. The total amount of export was around USD 408.9 Million.
Export volume has increased by 30% but on the contrary, its value has decreased by 12.7% in the same period of last year. The above information is according to the Vietnam Pepper Association.
Export to Asia & China has increased
Exports in the Asian market were most surprising and remained at a bright spot. There is an increase of 77.2% in exports, which accounts for nearly 60% of the country’s total export turnover reaching 78.9k Tonnes.
In its neighboring country, China was the key market in imports of pepper. Year-wise comparison has shown a drastic increment of 1.6k %. In terms of figure 46.16k Tonnes of pepper has been exported, taking up 35% of the contribution.
African markets have shown growth, while American and European market has shown decrement
Imports of pepper by the American and European markets have shown a drop this year. In the American market, there is a decrease of 13.1% in the reviewed period, held for 18% of the market share, of which exports to the U.S. decreased 15.5%, picking up 21k Tonnes. Occupying 16.8% of Vietnam’s total pepper export turnover, the European market fell by 9.4%.
Surprisingly, exports to the African market experienced a rise of 38.9%, of which those to Egypt and Senegal shot up 140% and 104.4% year on year, respectively. It can be said that the export to America and other markets has decreased but the African market has increased comparatively which ultimately boost the economy of Vietnam.