Abundant supply and COVID-19 keep pepper prices low
|
The two months of the year saw the United States, India, Pakistan, Myanmar, and Germany remain the nation’s five largest buyers of local peppers, making up 45.5% of the country’s total pepper export turnover.
The average export price of peppers throughout the reviewed period suffered a year-on-year decline of 17.9% to US$2,305 per tonne.
The nation successfully retained its position as the largest supplier of peppers to the US market in the opening two months of the year, with its pepper market share of total US pepper imports increasing from 57.7% last year to 63% this year.
According to the Department of Import and Export under the Ministry of Industry and Trade, the price of black and white peppers within the domestic market in early April slumped to lows of VND35,500 per kilo and VND57,000 per kilo, respectively.
Despite having large reserves, the nation usually exports peppers in their raw form, resulting in a low value for the domestic industry.
The global pepper market, especially the US and Europe who are the world’s largest pepper consumers, is projected to suffer negatively from the COVID-19 pandemic, leading to a sharp decline in import demand.
Moreover, the global pepper market has also faced a range of hurdles relating to disruptions occurring in supply sources due to the majority of countries worldwide imposing social distancing measures and placing trade restrictions on the customs clearance of goods to prevent the spread of the COVID-19.
Consequently, the global pepper market in the long-term is anticipated to have an abundant supply of goods, according to insiders.
The Department of Import and Export has therefore recommended that, in the context of the COVID-19 pandemic, the domestic pepper industry should upgrade its processing stage as a way of improving product value. Simultaneously, efforts should be made to improve its competitiveness in the global market moving forward.
Related News
Many challenges in the 2024 pepper crop
10:16 | 26/02/2024 Import-Export
Unpredictable export pepper price
17:11 | 22/08/2023 Import-Export
Export of cashew kernels, pepper, spices: Growth but many worries
10:48 | 09/08/2023 Import-Export
Diversifying pepper export markets towards the target of USD 2 billion
09:36 | 02/06/2023 Import-Export
Latest News
India as main market for Vietnamese star anise exports
17:58 | 12/05/2024 Import-Export
Domestic auto market shows signs of recovery
17:57 | 12/05/2024 Import-Export
Businesses must fully understand the new EU import control regulations
08:17 | 12/05/2024 Import-Export
Responding to the market, export enterprises are willing to spend more on "green practices"
17:52 | 11/05/2024 Import-Export
More News
Cai Mep port authorised to receive super container ships
17:51 | 11/05/2024 Import-Export
The new race in developing green and smart industrial parks
10:07 | 11/05/2024 Import-Export
What to do to develop Vietnam's creative economy?
10:06 | 11/05/2024 Headlines
Take advantage of opportunities from American "eagles"
14:59 | 10/05/2024 Import-Export
Ho Chi Minh City: Enterprises overcome difficulties, exports lead the country
14:58 | 10/05/2024 Import-Export
Strong recovery seen in industrial production in four months
14:52 | 10/05/2024 Import-Export
"The key" to promote growth for businesses
10:23 | 10/05/2024 Import-Export
An Giang Province to turn textile-garment, footwear into key export items
14:48 | 09/05/2024 Import-Export
“Hopeful stars" for businesses on the new journey
09:51 | 09/05/2024 Import-Export
Your care
India as main market for Vietnamese star anise exports
17:58 | 12/05/2024 Import-Export
Domestic auto market shows signs of recovery
17:57 | 12/05/2024 Import-Export
Businesses must fully understand the new EU import control regulations
08:17 | 12/05/2024 Import-Export
Responding to the market, export enterprises are willing to spend more on "green practices"
17:52 | 11/05/2024 Import-Export
Cai Mep port authorised to receive super container ships
17:51 | 11/05/2024 Import-Export