HS Code:
Pimientos, scientifically known as Capsicum annuum, encompass a variety of peppers including bell peppers, chili peppers, and other related species under the HS Code 0709.60. This category includes fresh or chilled peppers widely used in culinary applications across the globe. They are a significant agricultural commodity due to their versatility, nutritional value, and cultural importance in cuisines. Global trade in pimientos is influenced by factors such as climate suitability, agricultural practices, and consumer demand for both fresh and processed forms.
Total Trade Volume
Approximately $8.5 billion USD
Data from 2022
Source
United Nations Comtrade Database and International Trade Centre (ITC)
$2.1 billion USD
24.7% of total trade of total trade
Increasing
$1.3 billion USD
15.3% of total trade of total trade
Stable
$1.0 billion USD
11.8% of total trade of total trade
Increasing
$0.8 billion USD
9.4% of total trade of total trade
Stable
$0.6 billion USD
7.1% of total trade of total trade
Increasing
Average Rate
5.2% ad valorem
Highest Rate
20% (applied by certain South Asian countries)
Lowest Rate
0% (under free trade agreements like EU-Mercosur or USMCA)
Rising demand for organic pimientos
Increased market share for certified organic producers, with premiums of up to 30% over conventional peppers
2021-2022
Growth in processed pepper products
Higher exports of dried, powdered, and canned pimientos, especially from China and India, affecting fresh pepper trade dynamics
2020-2022
Climate change affecting production
Shifts in production regions due to changing weather patterns, with Southern Europe and North Africa facing challenges from heatwaves and droughts
2019-2022
The modernized EU-Mexico trade agreement has reduced tariffs on agricultural products, including pimientos, facilitating increased exports from Mexico to European markets.
April 2023
Expected to boost Mexican pimiento exports by 15% over the next five years.
The United States has relaxed phytosanitary restrictions on pimientos from certain Central American countries, following successful pest control measures.
January 2023
Likely to increase supply and stabilize prices in the US market.
Dutch growers have adopted advanced greenhouse technologies, improving yield and quality of pimientos, reinforcing their position as a top exporter.
September 2022
Strengthens competitive edge in the European market, potentially pressuring prices downward.