According to the Ministry of Industry and Trade, while Vietnam’s export pepper price drops to the lowest level of the year, some other markets have increased.

The Vietnam’s export price of pepper in different markets changed differently

According to the Ministry of Industry and Trade, in September 2022, the export price of pepper in the markets changed unevenly. While the export price of black and white pepper in Indonesia increased, Malaysia remained stable, while Vietnam and Brazil decreased simultaneously.

It is forecasted that the world pepper price will continue to decrease in the short term due to the substantial increase in the USD.

The fact that the US Federal Reserve (Fed) raised interest rates to limit inflation pushed the dollar back into the US. This left many countries with a shortage of USD and forced foreign currency restrictions on imports of non-essential goods, including pepper.

The markets experiencing the above situation also include the major export markets of Vietnam’s pepper, such as Egypt and Pakistan.

In addition, many national banks simultaneously raised interest rates on basic currencies. This could further exacerbate the global economic downturn.

The detailed numbers

Regarding the export situation, according to the General Department of Customs, in the first eight months of the year, Vietnam exported 160,891 tons, reaching 714 million USD, down 18.6% in volume and up 8.7% in value over the same period last year. 2021.

In August 2022, the average export price of Vietnam’s pepper reached US$4,070/ton, up 8% over the same period in 2021. The first eight months of 2022, compared to the same period in 2021, pepper exports to some main markets decreased, such as the US, UAE, Germany, UK, and Russia. In contrast, pepper exports to the Netherlands, Korea, and Thailand grew significantly.

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