Pepper exports plunge in first half
VOV.VN - Vietnam exported nearly 153,000 tonnes of pepper worth more than US$483 million during the first half of the year, thereby representing a rise of nearly 24% in volume, but down 13.7% in value on-year, according to the latest data released by the General Department of Vietnam Customs.
Most notably, the average export price of pepper reached roughly US$3,184 per tonne, marking a sharp decline of 29.7% against the same period from last year.
China and the United States make up the major importers of Vietnamese pepper with a market share of 35% and 16% respectively of the total export volume during the initial five-month period.
This sharp fall can be attributed to the fact that there has been weak purchasing power in both the US and EU market.
Furthermore, the EU's decision on not importing agricultural products grown on land from deforestation has also impacted Vietnam's recent pepper exports.
Industry insiders point out that the drop in export price can be attributed to weak global demand, pressure from the rising US dollar, and the US Federal Reserve (Fed)’s adjustment of interest rates
Currently, pepper exports to the US, the United Arab Emirates (UAE), India, Germany, the Netherlands, the UK, and the Republic of Korea have all decreased between 20% and 70% over the past several months.
According to information given by experts, pepper exports are anticipated to continue to face difficulties due to the slow recovery of major markets and the amount of inventory from the previous year causing importers to reduce their purchase of Vietnamese pepper products.
