Vietnam's Pepper Exports Surge as Thailand Doubles Imports in Early 2024

Vietnam's pepper exports experienced a sharp increase, with exports rising 30% compared to the same period last year, according to the General Department of Customs. By the end of February 2024, Vietnam had exported 35,570 tonnes of pepper, generating US$231 million. Thailand has doubled its spending on importing pepper from Vietnam, making it the country's largest supplier of the commodity. The average export price of pepper rebounded in February, reaching US$6,609 per tonne, a 2.8% increase compared to January 2024. However, the average export price for the first two months of 2024 still fell by 4% year-on-year, to US$6,499 per tonne. Global pepper supply is expected to decline by 15-20% by 2026 because of shrinking inventories in major producing countries. Concurrently, global demand is predicted to recover, particularly in the US due to reduced tariffs, and in China, where inventories are low.