Pepper exports to China plunge by over 80%
VOV.VN - Vietnam exported more than 8,000 tonnes of pepper to China during the opening seven months of the year, representing a sharp fall of 84.6% compared to the same period from last year, according to details given by the Vietnam Pepper and Spice Association (VPSA).
According to information provided by local firms, China's reduction in pepper purchases can be attributed to its own domestic pepper prices being lower than imported goods.
Furthermore, the world's second largest economy grew more slowly than expected in the first half of this year, a factor leading to a general reduction in people's spending demand.
China used to represent the second largest market for Vietnamese peppers, but the northern neighbour has recently dropped to fifth place, behind the United States, Germany, India, and the United Arab Emirates (UAE).
Statistics indicate that despite an overall reduction in Chinese imports, Vietnamese pepper exports reached 164,357 tonnes in the reviewed period, equivalent to 2.2% lower than that of the same period from last year.
Pepper exports surged by 41% to reach more than US$764 million thanks to an increase in pepper prices. The export price of Vietnamese black and white pepper stood at US$4,568 per tonne and US$6,195, up 32.7% and 25%, respectively, compared to the same period from last year.
According to details given by experts, Chinese import demand for peppers is unlikely to increase ahead in the second half of the year.
Currently, the Vietnamese pepper industry accounts for 40% of the world's output and 60% of the global market share. According to VPSA, the global pepper market is worth about US$5.4 billion and is forecast to grow by an average of 20% in the 2024 to 2032 period.
