According to statistics from the International Trade Commission, in the first 8 months of 2023, Korea imported pepper reaching 3.26 thousand tons, worth 15.64 million USD, down 45.5% in volume and decreased 45.8% in value compared to the same period last year.

Vietnam is the largest pepper supplier to the Korean market

In August 2023 alone, Korea imported 681 tons of pepper, worth nearly 3 million USD, up 1.1% in volume, but down 0.9% in value compared to July 2023, compared to August 2022 increased by 80.6% in volume and 51.6% in value.

In August 2023, the average import price of pepper into Korea reached 4,390 USD/ton, down 2% compared to July 2023 and down 16% compared to August 2022.

Cumulatively in the first 8 months of 2023, the average import price of pepper into Korea reached 4,795 USD/ton, down 0.5% over the same period last year.

In particular, the average import price of Korean pepper decreased from most major suppliers, except the United States.

5 markets supplying pepper to the Korean market in the first 8 months of 2023 include Vietnam, Malaysia, Cambodia, India, and the United States.

5 markets supplying pepper to Korea in the first 8 months of 2023 and Vietnam's market share. Source: International Trade Commission

In particular, in the first 8 months of 2023, Korea imported pepper mainly from Vietnam, the volume reached approximately 2.97 thousand tons, worth 13.33 million USD, down 44.6% in volume and down 46. 4% in value compared to the same period last year.

Vietnam's pepper market share in Korea's total imports increased from 89.51% in the first 8 months of 2022 to 91.01% in the first 8 months of 2023.

Similarly, in the first 8 months of 2023, Korea reduced pepper imports from Malaysia, down 22.8% in volume and 30% in value compared to the same period last year, reaching 237 tons, worth approximately 1. 34 million USD.

Malaysia's pepper market share in Korea's total imports increased from 5.12% in the first 8 months of 2022 to 7.26% in the first 8 months of 2023.

In contrast, Korea increased pepper imports from Cambodia and India markets in the first 8 months of 2023.

Accordingly, Korea increased pepper imports from the Cambodian market by 2,107.6% in volume and 433.3% in value in the first 8 months of 2023. As for the Indian market, this number is 57% respectively. .7% and 40.5%.

However, the amount of imports from the above markets is low. Currently, Cambodia's pepper market share is 0.5% of Korea's total imports. This figure for the Indian market is 0.3% and the US market is 0.2%.