Increased Pepper Demand Reported in the US and EU Markets
Published on: Jun 21 2022, 05:29
The demand for pepper in the US and EU continued to increase in the first months of this year. In which, Vietnam ranked first in terms of supply with double-digit growth compared to the same period last year.
According to data from the US International Trade Commission (USITC), the US imported a total of 28,671 tons of pepper in the first 4 months of this year, up 5.5% in volume 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, up sharply from 63% in 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 in 4 months.
Meanwhile, Europe also sharply increased pepper imports from Vietnam. According to the European Statistical Office (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 proportion with 8,278 tons, a 34.6% increase compared to that of the EU same period. In addition, the EU also imported 5,440 tons of pepper from Brazil, up 2% and 1,552 tons from Indonesia, up 6.2%. Thus, in total, the EU imported 24,981 tons of pepper in the first quarter, up 7% over the same period last year.
As per trade sources, 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.
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