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Home / Market / Vietnamese pepper report in November, 2022 | Pepper price down 25% over 11 months

Vietnamese pepper report in November, 2022 | Pepper price down 25% over 11 months

In November 2022, Vietnamese pepper exported 16,425 tons, including 14,692 tons of black pepper and 1,733 tons of white pepper. Total export turnover reached 61 million USD, black pepper reached 51.8 million USD, white pepper reached 9.2 million USD. Pepper prices in November adjusted down, but the VND exchange rate was increasing strongly, causing pepper prices to rise again.

Vietnam's pepper exports in November, 2022

Vietnamese pepper export situation in November, 2022

According to preliminary statistics of the VPA, in November 2022, Vietnam exported 16,425 tons of pepper, including 14,692 tons of black pepper and 1,733 tons of white pepper. Total export turnover of all kinds reached 61 million USD, black pepper reached 51.8 million USD, white pepper reached 9.2 million USD. Compared to the previous month, the export volume decreased by 8%, and the turnover decreased by 9.7%. The US and China continue to be Vietnam’s two main export markets, of which the US’s imports reached 3,339 tons, down 17.8% and China’s reached 2,613 tons, down 31.9% compared to October, 2022.

Insight of exporting pepper Vietnam - November, 2022

According to preliminary statistics of the VPA, from the beginning of the year to the end of November 2022, Vietnam exported 211,507 tons of pepper, of which black pepper reached 183,708, white pepper reached 27,799 tons. Total export turnover reached 911.1 million USD, black pepper reached 748.6 million USD, white pepper reached 162.5 million USD. Compared to the same period last year, export volume decreased by 14.9% or 37,015 tons, but export turnover increased by 3.9%, equivalent to 34 million USD.

Vietnam's pepper exports from Jan to Nov, 2022

Vietnam’s pepper exports to the US in 11 months fell 12.2% to 48,822 tons. Other traditional markets also saw a decrease in imports such as: China down 51.4% to 18,354 tons, Saudi Arabia down 1.5% to 14,934 tons; Germany fell 19.5% to 9,036 tons; The Netherlands fell 20.3% to 7,458 tonnes. Some markets have increased import volume such as: India reached 11,941 tons, up 1.6%, Singapore reached 5,607 tons, up 776.1%.

TOP 10 VIETNAM’S PEPPER EXPORTING MARKET

The largest import markets for white pepper: the US: 4,456 tons, Germany: 3,855 tons, Netherlands: 2,677 tons, Thailand: 2,143 tons, UAE: 1,449 tons.

Vietnam’s pepper import in November, 2022

In November 2022, Vietnam imported 2,474 tons, of which black pepper reached 2,337 tons, white pepper reached 137 tons. Compared to October 2022, the import volume increased by 13.8%, the turnover increased by 13.5%. Brazil continues to be the main supplier of pepper to Vietnam with 1,805 pepper, accounting for 73%.

See more: VIETNAMESE PEPPER MARKET REPORT | QUARTER III, 2022

Vietnam’s pepper import in November, 2022

From the beginning of the year to the end of November 2022, Vietnam imported 34,273 tons, of which black pepper reached 30,337 tons, white pepper reached 3,936 tons, compared with the same period last year, the import volume increased by 48.9% to 11,256 tons. Cambodia is the largest pepper supplier to Vietnam with 12,958 tons, up 126.1%, followed by Brazil 11,034 tons, up 93.2%, Indonesia 5,579 tons, down 34.5%.

Vietnam’s pepper import from Jan to Nov, 2022

How about the price of Vietnamese pepper last week?

Last week’s pepper price was adjusted down from 63,500 VND to 62,000 VND at the end of the week, equivalent to a decrease of 2.5%. However, the VND exchange rate last week continued to be pushed up to 4.5% against the US dollar. This makes pepper prices when converted to US dollars become more expensive, corresponding to an increase of 135 USD/MT. Meanwhile, the demand from the main markets is still quite low, namely from China, the US, the EU, Africa, etc.

Price of pepper last week

The price of pepper in Vietnam has decreased from VND 83,000 in January 2022 to VND 62,000 on December 11, 2022, a 25% decrease after the last 11 months.

Reduced freight cost and some changes at the end of the year

Cross-sea freight rates fell sharply again last week due to easing demand and congestion. As empty containers accumulate at Chinese ports, Asia-US West Coast rates have fallen more than 25% in the week of loss to 5% less than this time in 2019.

Reduced freight cost and some changes at the end of the year

Freight cost across the Atlantic Ocean fell slightly in the last week and has fallen by nearly 25% since August, possibly as a result of carriers currently shifting excess capacity to this route, where demand remains solid and the highest freight rate is more than 6,000 USD/FEU. However, as congestion eases, some observers expect these rates to also drop significantly.

How does the exchange rate affect pepper prices?

The USD/VND exchange rate is currently having the worst performance since September 2010, down 5% due to the market’s optimism that the US Federal Reserve (Fed) will slow down the rate hike, possibly resulting in a slight “landing” for the USD.

How does the exchange rate affect pepper prices?

According to signals in the market, the Fed will only raise rates by 50 percentage points at its meeting on December 13-14. It is these things that have caused VND to have a strong increasing week against USD, corresponding to an increase of 4.5 – 5%. The exchange rate increased, making pepper price converted to USD more expensive by about 140 USD/ton in the last week.

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