Vietnam exported 153,000 tons of pepper worth US$483 million in the first half of this year, up 24% in volume but down 13.7% in value year-on-year.
According to the General Department of Vietnam Customs, the average price stood at $3,184 per ton, a decrease of 29.7% from a year earlier, due to weaker global demand.
Pepper exports to the U.S., UAE, India, Germany, the Netherlands, the U.K., and South Korea declined by 20-70%.
China and the U.S.were Vietnam’s biggest markets, accounting for 35% and 16% of its exports.
According to the Vietnam Pepper Association, China has large inventories of pepper and so will import less in the second half of this year. It had imported 46,169 tons in the first five months of the year.
Other major importers like the U.S. and the European Union will also import less pepper due to their economic situation and high inventories.
The price of black pepper in Vietnam is currently VND67,000-69,000 ($2.8-2.9) per kilogram, down VND3,000-5,000 from a year ago, and that of white pepper is VND103,000, down VND6,000.