Vietnamese pepper market share on the rise in Korea

According to the Korea International Trade Commission, the national pepper imports for the first eight months of 2021 reached 4,568 tons, worth 19 million USD, down by 20.9% in volume, but up by 17% in value compared to the first 8 months of 2020.

The average import price of Korean pepper during this period reached USD4,161/ton, a sharp increase of 47.8% over the same period in 2020. In which, the average import price of Korean pepper from most of the supplying countries increased, excluding Thailand.

In the first 8 months of 2021, Korea reduced its imports of pepper from Vietnam and Indonesia, but increased its imports from Thailand.

Specifically, Korea's pepper imports from Vietnam in the first eight months of 2021 reached 4,151 tons, worth 16.5 million USD, down by 2.3% in volume, but up by 39.2% in value compared to the first 8 months of 2020.

However, due to a sharp decrease in the net pepper import to Korea, Vietnam's pepper market share in the total import volume of Korea still increased from 73.6% in the first 8 months of 2020 to 90.88% in the first eight months of 2021.

In contrast, 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 115 thousand USD. Thailand's pepper market share in Korea's total import volume increased from 0.06% in the first 8 months of 2020 to 0.24% in the first 8 months of 2021.

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