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Market share of Vietnam's pepper increased sharply in South Korea

18/10/2021

Vietnam's pepper imported into South Korea decreased in volume in the first eight months of 2021, but still increased strongly in market share in this market.

According to the Korea International Trade Commission, the country's pepper imports in the first eight months of 2021 reached 4,568 tons, worth USD 19 million, a decrease of 20.9% in volume, but an increase of 17% compared to the first eight months of 2020.

The average pepper import price of South Korea during this period reached USD 4,161/ton, a sharp increase of 47.8% over the same period in 2020. In which, the average pepper import price of South Korea from most of the main sources increased, except for Thailand.

In the first eight months of 2021, South Korea reduced its imports of pepper from Vietnam and Indonesia, but sharply increased pepper imports from Thailand.

Specifically, South Korea's pepper imports from Vietnam in the first eight months of 2021 reached 4,151 tons, worth USD 16.5 million, decresaed by 2.3% in volume, but increased by 39.2% in value compared to the first eight months of 2020.

However, due to a sharp decrease in South Korea's total pepper imports, Vietnam's pepper market share in South Korea's total imports still increased from 73.6% in the first eight months of 2020 to 90.88% in the first eight months of 2021.

In contrast, South Korea's pepper imports from Thailand increased by 195.3% in volume and 55.4% in value compared to the first eight months of 2020, reaching 11 tons, worth USD 115 thousand. Thailand's pepper market share in South Korea's total imports increased from 0.06% in the first eight months of 2020 to 0.24% in the first eight months of 2021.

According to the Import-Export Department (Ministry of Industry and Trade), the above figures show that Vietnam's pepper industry is the number one and important supplier in the South Korean market. The prospect of Vietnam's pepper exports to South Korea is positive because the consumption demand of this market is relatively stable in the near future.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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