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Vietnam’s top 10 pepper exporters (Q1 2022)

Vietnam’s top 10 pepper exporters (Q1 2022)

Wednesday 11, 05 2022
Pearl Group Corporation was Vietnam’s top pepper exporting company in the first quarter of 2022.

Vietnam’s pepper exports (Q1 2022)

According to the General Department of Customs’ data, Vietnam’s pepper exports in March 2022 reached 23.7 thousand tons, with a turnover of 111.7 million USD, up 63.6% in quantity and 69.3% in turnover over February 2022. Compared to March 2021, this number was a decline of 5.6% in volume, but up 39.2% in turnover.

In the first 3 months of 2022, Vietnam’s pepper exports were 53.8 thousand tons, equivalent to a turnover of 250.8 million USD, down 12.1% in volume and up 40.3% in turnover compared to the same period in 2021.

Pepper exports of Vietnam

The average pepper export price in March 2022 was 4,798.8 USD/ton, up 2.4% over February 2022 and 47.5% over March 2021.

In March 2022, Vietnam’s pepper was mostly exported to the US, with a turnover that reached 5.43 thousand tons, equivalent to a turnover of 27.1 million USD, down 14.8% in volume and up 28.7% in turnover over March 2021.

In the first quarter of 2022, pepper exports to the US were 15.1 thousand tons, equivalent to a turnover of 74.2 million USD, up 7.6% in volume and 66.7% in turnover over the same period in 2021.

Pepper exports of Vietnam to several markets observed positive growth in March 2022. Some notable markets include Germany, with exports increasing by 155.1% in quantity and 269.1% in turnover; Korea – up 101.3% and 192.7% in volume and turnover; Spain – up 144.6% and 251.9% in volume and turnover, etc.

 

Vietnam’s top 10 pepper exporters (Q1 2022)

Vietnam’s top 10 pepper exporters

Pepper exports forecast for Q2 2022

Vietnam’s pepper exports expect difficulties in the remainder of quarter 2, 2022. Vietnam Pepper Association stated that pepper supply is abundant, however, import demand is low. Many countries have reopened. Nevertheless, people’s travel needs are low. Customers’ pepper supply source is the product signed from 3 to 4 months back. Pepper price can hardly rise if China does not resume purchases.

In the Chinese market, the export volume of pepper was only 209 tons in April. That is the lowest amount of pepper imported in the past 4 years. That makes the total volume of exports to the market in April only about 2,347 tons, down 87.6% over the same period last year.

Since the end of last year, VPA said that China's "Zero COVID" policy has significantly impacted the Vietnamese pepper market when 90% of Vietnam's pepper exported to China was via unofficial channels.

Congestion at border gates and tightening travel in China's domestic market will make China's pepper consumption decrease.

Recently, the Agency of Foreign Trade (under the Ministry of Industry and Trade) has forecast that global pepper prices will decrease in the near future due to reduced consumer demand. Geopolitical tensions cause inflation to rise, and people tend to tighten spending, negatively impacting import and export activities of global pepper.

Vietnam’s market share in the world’s largest pepper importing markets

The global sharp increase of pepper price in 2021 was why the import value of this item in most markets increased compared to 2020, except for the Chinese market.

The EU: In 2021, the EU imports of pepper reached 413.74 million EUR (438.56 million USD), an increase of 23.8% over 2020. In particular, the EU imported 123 million EUR (130.45 million USD) worth of pepper from Vietnam, up 46.9% over 2020. Vietnam’s pepper market share in the total import value of the EU was 29.75%, higher than the rate of 25.98% in 2020.

Pepper import

It is predicted that the EU will increase pepper import from Vietnam in 2022. The EVFTA provides favorable conditions that boost Vietnam’s pepper export to the EU. According to the latest published data from the European Statistics Authority, in January 2022, the EU's pepper imports from the world market reached 43.56 million EUR (46.17 million USD), a sharp increase of 66% compared to January 2021. Specifically, the EU imported pepper from Vietnam with a volume of over 13 million EUR (13.87 million USD), an increase of 110.8% compared to January 2021.

The Chinese market: In 2021, China’s pepper imports reached 54.3 million USD, down 16.7% over 2020. The portion imported from Vietnam was 17.5 million USD, down 0.8%. Despite that, Vietnam took up 32.23% of the market share in China's total pepper import value in 2021. In 2020, Vietnam’s market share was 27.06%.

In the first quarter of 2022, China's pepper imports continued to decline. China's "Zezo Covid" policy has a negative impact on commodity trade in general and pepper in particular. According to data from China Customs, in the first quarter of 2022, China's pepper imports from the world market reached 6.6 million USD, down 55.8% compared to the first quarter of 2021. However, China sharply increased its pepper imports from Vietnam, an increase of 24.7% over the same period in 2021, reaching 2.73 million USD.

 

Source: The Ministry of Industry and Trade

Compiled by VietnamCredit

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