Vietnam’s Pepper Exports Return to the $1 Billion Mark

Vietnam’s pepper exports have returned to the $1 billion mark after 7 years thanks to higher export prices. Pepper prices are forecast to remain high in the next harvest season.

According to Mr. Le Viet Anh, Chief of the Office of the Vietnam Pepper and Spice Association, in October, Vietnam’s pepper exports reached over 18,000 tons, worth 120 million USD. Overall, in the first 10 months of the year, pepper exports have returned to the 1 billion USD mark for the year, with a turnover of 1.11 billion USD. The last time pepper exports exceeded 1 billion USD was in 2017 (reaching 1.12 billion USD).

The high price increase is the main reason why pepper exports have once again become a “billion-dollar” commodity. Over the past 10 months, the average export price of Vietnamese pepper reached US$4,971/ton (black pepper) and US$6,626/ton, an increase of US$1,528 and US$1,671 respectively compared to the same period in 2023. Thanks to these high prices, while the volume of pepper exports decreased by 1.9% in the first 10 months of the year, the export value increased by as much as 48% compared to the same period.

Not only has Vietnamese pepper returned to the $1 billion mark, but this year it continues to maintain a dominant market share in two important markets: the United States and the EU.

However, exports are projected to face difficulties towards the end of the year due to low supply and a lack of increased demand from China. In early 2025, exports are expected to be favorable thanks to increased demand from China and the fact that global supply is not expected to increase significantly before February 2025, creating an advantage for Vietnam’s new harvest.

Source: According to Vietnam Agriculture Newspaper.