The average export price of pepper in the first 5 months only reached 3,011 USD per ton, the sharpest decrease in 3 years, causing heavy losses for growers.
Statistics from the Ministry of Agriculture and Rural Development show that in the first 5 months of the year, Vietnam exported 138,000 tons of pepper, equivalent to 414 million USD, up 38.4% in volume but down 9.9% in value compared to the same period in 2022.
In 5 months, the average export price of pepper reached 3,011 USD per ton, down 35% compared to the same period in 2022. This is the sharpest decline in nearly 3 years.
Pepper export prices have plummeted due to reduced global demand. Pressure from the rising US dollar and the Fed's interest rate adjustment has affected pepper imports from many major markets. In particular, pepper exports to the US, the United Arab Emirates, India, Germany, the Netherlands, the UK, and South Korea have continuously decreased by 20-70% over the past several months.
Domestically, pepper prices have increased slightly to 73,000-75,000 VND per kilogram, but this level is still causing farmers to suffer.
According to Ms. Hong Lam, the owner of a pepper garden, this year's erratic weather and unseasonal rains have resulted in low yields. "We take good care of our family's 600 pepper plants, but the yield is only 50%, so we are still suffering heavy losses," Ms. Lam said.
Similarly, people in the Central Highlands gardens said that pepper gardens have reduced productivity compared to last year, by 20-50%. Meanwhile, they have to bear high investment costs due to sharp increases in the prices of materials, fertilizers, pesticides, and labor.
Forecasting in the second half of the year, the Ministry of Industry and Trade said that prices will increase, the market will become more active when demand increases from China, Papua New Guinea, ASEAN, Türkiye..., offsetting the still sluggish import demand of the US and EU markets.
Thi Ha
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