Preliminary statistics indicate that over the past 10 months, Vietnamese enterprises have spent $108 million on pepper imports, reflecting a notable 38.2% increase compared to the same period last year. The majority of these imports have originated from Brazil, Indonesia, and Cambodia. Phan Minh Thong, Chairman of Phuc Sinh Joint Stock Company, noted that Vietnam’s pepper industry is currently benefiting from elevated export prices due to limited domestic supply.
“This year, pepper farmers have enjoyed higher selling prices. However, export companies have faced challenges in sourcing enough domestic pepper, prompting Phuc Sinh to import significant quantities from Brazil and Indonesia,” Thong explained.
Several factors have contributed to the limited domestic supply, including reduced local production, farmers withholding supplies for speculation, and prolonged drought conditions affecting pepper availability.
In addition, the Ministry of Agriculture and Rural Development (MARD) reported that Vietnam exported approximately 220,300 tons of pepper in the first 10 months of 2024, valued at an estimated $1.12 billion. While the export volume saw a slight decrease of 2.3% compared to the previous year, the export value experienced a substantial increase of 48.2%.
The average export price of pepper during this period was estimated at $5,084 per ton, marking a 51.7% rise from the same timeframe in 2023. Key export markets included the U.S., Germany, and the United Arab Emirates (UAE), which collectively accounted for 44.2% of Vietnam’s pepper export value in the first nine months of 2024. Notably, exports to Germany increased by 2.4 times compared to the previous year.
Stay current with supply chain report news at The Supply Chain Report. For international trade tools, see ADAMftd.com.
#SupplyChainNews #PepperImports #VietnamTrade #AgricultureExports #MarketTrends
