U.S. remains Viet Nam’s largest peppercorn importer
U.S. remains Viet Nam’s largest peppercorn importer
Tue, Jul 23, 2024, 09:13:00
In the first six months of 2024, the U.S. was the top buyer of Vietnamese peppercorn with 37,435 tons, representing a year-on-year increase of 44.6 percent.
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The U.S. was followed by Germany with 9,526 tons (up 106.7 percent), the United Arab Emirates with 8,388 tons (up 15.2 percent), India with 8,173 tons (up 45.7 percent), and China with 7,453 tons (down 85.2 percent).
The Viet Nam Peppercorn and Spice Association reported that as of July 15, total export value of peppercorn reached US$690.7 million while import turnover stood at US$74.1 million.
As of late June, Viet Nam shipped 142,586 tons of different types of peppercorn, down 6.8 percent in quantity but up 30.5 percent in turnover.
On the other hand, Viet Nam imported 18,002 tons of peppercorn from Brazil with 7,241 tons (down 22.3 percent), Cambodia with 6,212 tons (up 34.5 percent), Indonesia with 2,991 tons, up 67.3 percent.
Viet Nam's peppercorn industry accounts for 40 percent of the global output and 60 percent of the world market share.
The global peppercorn market is valued at approximately US$5.4 billion and is projected to grow at an average rate of about 20 percent from 2024 to 2032.
Viet Nam's peppercorn production this year is estimated to decrease by 10 percent compared to last year, to only about 170,000 tons - the lowest in the past five years. Meanwhile, the supply from countries such as Brazil, Indonesia, India and even smaller producers like Malaysia and Sri Lanka is also declining./.
