Vietnam Pepper Exports: Strong Performance Amidst Challenges in H1 2024
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The Vietnamese pepper industry demonstrated resilience in the first half of 2024, with export earnings surging despite a slight dip in export volume.
Key Highlights:
- Export Volume: Vietnam exported 142,586 tons of pepper, marking a 6.8% decrease compared to the same period in 2023. This decrease was primarily attributed to a shortage in supply.
- Export Value: Despite lower volumes, export turnover soared to $634.2 million USD, a substantial 30.5% increase year-on-year. This growth was fueled by higher pepper prices, driven by strong global demand and limited supply.
- Average Export Prices:
- Black pepper: $4,365 USD/ton (922 USD increase compared to H1 2023)
- White pepper: $5,983 USD/ton (1,028 USD increase compared to H1 2023)
- Top Exporters: Olam Vietnam led the pack, followed by Phuc Sinh, Nedspice Vietnam, Haprosimex JSC, and Pearl.
- Leading Markets: The United States remained the largest importer, with exports increasing by 44.6% to 37,435 tons. Germany, UAE, India, and the Netherlands also saw significant growth in imports.
Challenges and Opportunities:
While the industry thrived in terms of export value, it faced challenges due to supply constraints and rising shipping costs. The latter posed a significant hurdle for exporters, particularly smaller businesses.
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Prosi Thăng Long’s Position:
Prosi Thăng Long continued to maintain its position as one of Vietnam’s top 10 pepper exporters, contributing to the nation’s strong performance in the global market. Despite the industry-wide challenges, Prosi Thăng Long exported nearly 4 tons of pepper, demonstrating its ability to adapt and thrive in a dynamic environment.
Looking Ahead:
The Vietnamese pepper industry is expected to continue its upward trajectory, with strong demand from international markets driving growth. However, supply constraints and rising shipping costs remain key concerns. It is crucial for exporters to focus on diversifying their markets and adopting innovative solutions to overcome these challenges.
#ProsiThangLong#Prosi#GlobalTrade#VietnamSpices#VietnamNuts#Pepper#Cashew#Cinnamon#Coconut#StarAnise#VietnamExporter
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𝐏𝐫𝐨𝐬𝐢 𝐓𝐡𝐚𝐧𝐠 𝐋𝐨𝐧𝐠 – 𝐒𝐩𝐢𝐜𝐞𝐬 𝐚𝐧𝐝 𝐍𝐮𝐭𝐬 𝐕𝐢𝐞𝐭𝐧𝐚𝐦 𝐌𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐞𝐫 𝐚𝐧𝐝 𝐄𝐱𝐩𝐨𝐫𝐭𝐞𝐫
𝐀𝐝𝐝𝐫𝐞𝐬𝐬: 4th Floor, Kim Anh Building, No 78 Duy Tan, Cau Giay, Ha Noi
𝐄𝐦𝐚𝐢𝐥: Sales@prosi.com.vn
𝐎𝐟𝐟𝐢𝐜𝐞 𝐇𝐨𝐭𝐥𝐢𝐧𝐞: (+84) 9858 17797
𝐘𝐨𝐮𝐫 𝐭𝐫𝐮𝐬𝐭𝐞𝐝 𝐩𝐚𝐫𝐭𝐧𝐞𝐫 𝐢𝐧 𝐩𝐫𝐞𝐦𝐢𝐮𝐦 𝐬𝐩𝐢𝐜𝐞𝐬 𝐚𝐧𝐝 𝐧𝐮𝐭𝐬
Pepper Prices Soar, Creating Challenges for Businesses & Opportunities for Farmers
The global pepper market is on fire! 🔥 Prices have skyrocketed, exceeding 160,000 VND/kg in Vietnam and even surpassing Vietnam’s prices in Brazil. This surge is due to a shortage in supply, impacting markets worldwide.
Vietnam Pepper Market Update: June 2024 – A Spicy Surge
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The Vietnam pepper market is on fire, with prices reaching a scorching 144,000 VND per kilogram. This marks a dramatic 112% increase year-over-year and the highest price in nine years. The rapid ascent has surprised consumers and businesses alike, with pepper now surpassing coffee and cocoa in value. Some even quip that “pepper is rising faster than gold.”
The Heat is On: Supply and Demand Dynamics
High prices haven’t deterred demand. In fact, farmers are holding onto their stock, anticipating further price increases. This is putting pressure on exporters struggling to fulfill contracts. Even established spice exporters to the US and EU are feeling the pinch, rationing their dwindling inventories and cautiously purchasing new supplies.
The current shortage is attributed to low stockpiles in major producing countries like Vietnam, India, and Brazil, coupled with robust global demand. Vietnam’s pepper production is projected to drop further in 2024 due to El Nino, exacerbating the supply crunch.
Global Market: A Fiery Outlook
Vietnam dominates the global pepper market, accounting for 40% of production and 60% of the market share. The global pepper market is valued at approximately $5.4 billion USD and is forecasted to grow at an average of 20% annually from 2024 to 2032.
The US remains Vietnam’s largest pepper export market, followed by China, India, and Germany. The International Pepper Community (IPC) reports rising prices for black pepper in Indonesia and stable prices in Brazil and Malaysia, further fueling the global price surge.
Export Performance: A Five-Month Sizzle
In the first five months of 2024, Vietnam exported 114,424 tons of pepper, including 100,971 tons of black pepper and 13,453 tons of white pepper. The total export value reached 493.1 million USD, with black pepper accounting for 417.7 million USD and white pepper for 75.4 million USD.
The United States remained Vietnam’s largest pepper export market, receiving 30,466 tons. Germany emerged as the second-largest export market, importing 7,532 tons. Other significant markets included India (6,933 tons), the UAE (5,639 tons), the Netherlands (5,067 tons), and China (4,871 tons). Several markets experienced impressive export growth, such as Italy (179.0%), Russia (49.7%), Spain (49.1%), and Egypt (39.0%). Germany, the US, the Netherlands, Thailand, and China were the largest consumers of Vietnamese white pepper.
Prosi: A Rising Star in the Pepper Export Arena
Amidst the market frenzy, Prosi has emerged as a standout performer. As a top 10 Vietnamese exporter, Prosi recorded a remarkable 18.4% increase in exports during the first five months of 2024, reaching 3,021 tons. This achievement underscores Prosi’s growing reputation for quality, reliability, and adaptability in the dynamic pepper market.
The Road Ahead: A Spicy Forecast
Experts predict that the pepper market has entered a new price cycle, expected to last 8-10 years. The current price surge has already exceeded the most optimistic forecasts, and the market shows no signs of cooling down.
#ProsiThangLong#Prosi#GlobalTrade#VietnamSpices#VietnamNuts#Pepper#Cashew#Cinnamon#Coconut#StarAnise#VietnamExporter
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𝐏𝐫𝐨𝐬𝐢 𝐓𝐡𝐚𝐧𝐠 𝐋𝐨𝐧𝐠 – 𝐒𝐩𝐢𝐜𝐞𝐬 𝐚𝐧𝐝 𝐍𝐮𝐭𝐬 𝐕𝐢𝐞𝐭𝐧𝐚𝐦 𝐌𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐞𝐫 𝐚𝐧𝐝 𝐄𝐱𝐩𝐨𝐫𝐭𝐞𝐫
𝐀𝐝𝐝𝐫𝐞𝐬𝐬: 4th Floor, Kim Anh Building, No 78 Duy Tan, Cau Giay, Ha Noi
𝐄𝐦𝐚𝐢𝐥: Sales@prosi.com.vn
𝐎𝐟𝐟𝐢𝐜𝐞 𝐇𝐨𝐭𝐥𝐢𝐧𝐞: (+84) 9858 17797
𝐘𝐨𝐮𝐫 𝐭𝐫𝐮𝐬𝐭𝐞𝐝 𝐩𝐚𝐫𝐭𝐧𝐞𝐫 𝐢𝐧 𝐩𝐫𝐞𝐦𝐢𝐮𝐦 𝐬𝐩𝐢𝐜𝐞𝐬 𝐚𝐧𝐝 𝐧𝐮𝐭𝐬