US and EU increase pepper imports from Vietnam
In the first months of this year, the US and EU continued to increase pepper imports despite the highest inflation in many years and retail sales recorded a decline as consumers cut back on spending.
This shows that the demand for pepper in these two leading consumer markets in the world has not decreased due to fluctuations from external factors.
According to data from the US International Trade Commission (USITC), the US imported a total of 28,671 tons of pepper with a value of nearly USD 142.3 million in the first four months of this year, an increase of 5.5% in volume and an increase of 61% in value over the same period last year.
In which, the amount of pepper imported from Vietnam increased by 25.3% over the same period last year, to 21,170 tons. Currently, Vietnam holds 74% of the pepper market share in the US, a sharp increase compared to 63% of the same period.
In contrast, pepper exports of competitors such as Brazil or Indonesia to the US decreased by 32.9% and 45.7% respectively over four months.
Meanwhile, Europe also sharply increased pepper imports from Vietnam. Data from the Statistical Office of the European Union (Eurostat) shows that in the first quarter of this year, Vietnam continued to be the largest supplier of pepper to the EU, accounting for 33% of the share with 8,278 tons, a strong increase of 34.6% compared to that of the same period.
In addition, the EU also imported 5,440 tons of pepper from Brazil, increased by 2% and 1,552 tons from Indonesia, increased by 6.2%.
Thus, in total, the EU imported 24,981 tons of pepper in the first quarter, an increase of 7% year-on-year.
The Import and Export Department (Ministry of Industry and Trade) forecasts that in 2022, the EU's pepper consumption demand will increase and the advantages of the EVFTA agreement will create favorable conditions for Vietnam's pepper to increase its market share in this market.
According to experts, increased demand in the US and EU along with signs of recovery in the Chinese market are expected to help pepper prices rebound in the near future.
Currently, the US and EU are the two largest pepper import markets of Vietnam and this is also a rare commodity among agricultural products that account for the high proportion in the US and the EU.
Not only that, these two markets have continuously increased their pepper imports from Vietnam for many consecutive years, which shows that the Vietnam's pepper industry has great potential to further boost exports to the US and EU in the future.
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