Tridge summary
Vietnam has seen a significant increase in pepper exports in the first five months of the year, with a total of 138,000 tons exported, generating revenue of 414 million USD. However, the average export price of pepper has decreased by 35% compared to the same period in 2022, due to a drop in global demand and the impact of the USD and the Fed's interest rate adjustments. This has resulted in a decline in pepper exports to several major markets. Domestically, pepper prices have risen slightly, but the increase has not offset the losses suffered by growers due to erratic weather and increased costs of materials, fertilizers, pesticides, and labor. The Ministry of Industry and Trade anticipates that pepper prices will rise in the second half of the year as demand increases from markets such as China, Papua New Guinea, ASEAN, Turkey, and offsets the decrease in demand from the US and EU markets.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Statistics of the Ministry of Agriculture and Rural Development show that, in the first 5 months of the year, Vietnam exported 138,000 tons of pepper, equivalent to 414 million USD, up 38.4% in volume but down 9.9% in price. compared to the same period in 2022. In 5 months, the average export price of pepper reached USD 3,011 a ton, down 35% compared to the same period in 2022. This is the strongest decrease in nearly 3 years. Export pepper prices plummeted because global demand fell. Pressure from the USD increased, the Fed adjusted interest rates, affecting the pepper import activities of many major markets. In which, pepper exports to the US, the United Arab Emirates, India, Germany, the Netherlands, the UK, and South Korea have continuously decreased by 20-70% in the past several months. In the country, pepper prices increased slightly to 73,000-75,000 VND per kg, but this level is still making growers suffer. According to Ms. Hong Lam, owner of a pepper garden, this year the ...
Source: VNExpress
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