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Pepper prices increased by 41% in the first half of 2022

The average Vietnam’s pepper prices for export in the first half of 2022 is estimated at USD 4,546 per ton, up 41% over the same period in 2021, causing pepper exports still growing despite a 19% decrease in volume.

The average export price of Vietnam's pepper

Pepper export statistics in the first 6 months

According to estimates of the Import-Export Department, Vietnam’s pepper exports reached 25,000 tons in June, worth USD 106 million, up 14.4% in volume and 7.3% in value over the previous month.

Vietnam's pepper exports in the first 6 months of 2022

In the first 6 months of 2022, Vietnam’s pepper exports were estimated at 125 thousand tons, worth 566 million USD, down 19% in volume, but up 14% in value over the same period in 2021 thanks to the increased pepper export prices.

Accordingly, the average export price of Vietnam’s pepper in the first half of this year is estimated at USD 4,546/ton, up 41% over the same period in 2021.

Proportion of Vietnam's exported pepper varieties

After decreasing last year, the proportion of whole black pepper in total exports is on an upward trend in the first 5 months of this year, accounting for 71% of the volume (equivalent to 71,737 tons). The second is ground black pepper with a proportion of 13% (13,106 tons), whole white pepper with 11% (11,261 tons), the rest is ground white pepper and others

Pepper prices are expected to increase in the last months

The price tug-of-war is predicted to continue lasting as buyers wait for opportunities to buy goods at good prices, while sellers and speculators only sell at a moderate level in the expectation that exporting to China will be opened soon.

Pepper prices are expected to increase in the last months

According to the Import-Export Department, Vietnam’s pepper price depends on the Chinese market at the moment when European and American importers have signed contracts until the end of this year.

Businesses have stocked enough goods for production and export, so the buying force is slower and weaker than the market’s movements. China’s tightening of control of the COVID-19 epidemic at border gates has significantly affected pepper exports to this market.

According to data from the Vietnam Pepper Association (VPA), the amount of pepper exported to China in May was only 263 tons, down 18 times compared to 4,726 tons of the same period.

In fact, pepper exports to China’s market in the first 5 months were only 2,610 tons, down 9 times (21,047 tons) compared to 23,657 tons in the same period last year. China has dropped to 9th in Vietnam’s pepper consumption market from 2nd position last year, with its share falling to 2.6% from 20% in the same period in 2021.

See also: PEPPER PRICES INCREASED AGAIN AFTER MANY DAYS GOING DOWN

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