According to preliminary statistics, in the past 10 months alone, businesses spent 108 million USD (equivalent to 2,700 billion VND) to import pepper. Compared to the same period last year, imports of this item increased sharply by 38.2%.

In particular, businesses mainly import pepper from Brazil, Indonesia and Cambodia.

Mr. Phan Minh Thong - Chairman of the Board of Directors of Phuc Sinh Joint Stock Company, said that the Vietnamese pepper industry is benefiting from high export prices due to limited supply.

Accordingly, this year pepper farmers benefited from the high selling price. On the contrary, export enterprises could not buy much domestic pepper. This is also part of the reason why Phuc Sinh had to import a lot of pepper from Brazil and Indonesia this year.

The reason is that, due to the decrease in output, people are holding back pepper for speculation. Along with that, the prolonged drought has made the domestic pepper supply increasingly difficult.

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Pepper shortage pushes prices up sharply. Photo: Minh Khang Pepper

On the other hand, the Ministry of Agriculture and Rural Development said that in the first 10 months of 2024, Vietnam exported about 220,300 tons of pepper, with an estimated value of 1.12 billion USD. Although the volume of pepper exported decreased by 2.3% compared to the same period last year, the value increased sharply by 48.2%.

The average export price of pepper in the first 10 months of 2024 is estimated at 5,084 USD/ton, an increase of 51.7% over the same period in 2023.

In terms of markets, the US, Germany and the United Arab Emirates (UAE) are the three largest customers, accounting for 44.2% of our country's "black gold" export value in the first 9 months of 2024. Of which, exports to the German market increased 2.4 times over the same period last year.

Officially returning to its golden age, selling 'black gold' earned more than 1 billion USD. The skyrocketing price has brought the tiny Vietnamese grain, known as "black gold", back to its golden age, when after only 9 months of export, it earned more than 1 billion USD.