Korea increased pepper imports from Vietnam

In the first quarter of 2024, Vietnam experienced a significant increase in pepper exports, with a notable surge in shipments to South Korea. Export volumes rose by 269.6% to 972 tons, valued at over 4.44 million USD, marking a 308.2% increase in turnover compared to the same period last year. The total pepper export volume for the quarter reached 56,780 tons, generating 235.82 million USD in revenue. The average export price per ton was 4,153 USD. The domestic pepper market also saw price increases, driven by higher demand and lower production in Vietnam and other countries. The Vietnam Pepper and Spice Association (VPSA) attributes the price hike to low supply, high USD, geopolitical issues, and speculation. Looking ahead, the association anticipates high pepper prices due to increased demand and inadequate supply from major producing countries. However, it also notes that global pepper output is expected to decrease, which may not meet the demand, implying that pepper prices may not continuously increase in the long term.