According to the General Department of Customs, in just 9 months, Vietnam's pepper exports brought in more than 1 billion USD. In September alone, with 6,239 USD/ton, the export price reached the highest in many years.
Specifically, according to the General Department of Customs, in the past 9 months, Vietnam sold more than 200,000 tons. pepper to the market, earning more than 1 billion USD, an increase of nearly 47% in value compared to the same period in 2023, due to high selling prices at an average of nearly 4,950 USD/ton.
In September alone, the export price of pepper reached 6,239 USD/ton.
Meanwhile, in 2023, pepper exports will only bring in 912 million USD, at 3,420 USD/ton.
Note In the world market, at the end of September, the International Pepper Association (IPC) listed the price of Vietnamese black pepper at 6,800 USD/ton for 500g/l; higher than 7,100 USD/ton for 550g/l; the price of white pepper was over 10,000 USD/ton.
In the domestic market, pepper prices today fluctuated between 148,000 and 149,000 VND/kg. In Dak Lak, traders purchased at 148,500 VND/kg, Dak Nong at 149,000 VND/kg, Gia Lai at 148,000 VND/kg. Binh Phuoc is also at 148,000 VND/kg, down 1,000 VND/kg compared to yesterday afternoon.
As a large enterprise in exporting spices such as pepper, cinnamon..., talking with Tuoi Tre Online on October 1, Mr. Phan Minh Thong, Chairman of the Board of Directors of Phuc Sinh Joint Stock Company, acknowledged that the Vietnamese pepper industry is benefiting from high export prices due to limited supply.
Mr. Thong said that the company is exporting pepper to more than 100 markets, especially the European market, accounting for 8% of the global pepper export market share. In particular, the company's freeze-dried pepper and green pepper sauce account for about 40% of the global market share. This year, the company has also achieved many bright business results.
"On the farmers' side, this is a very happy year for pepper farmers because the selling price has increased so much. From 87,000 VND/kg in the first month of the year to 150,000 VND/kg as it is now. However, export business We can't buy much pepper domestically, like this year we have to import a lot of pepper from Brazil and Indonesia.
Pepper is kept by farmers for speculation, and is also limited because Vietnam's pepper output in the 2025 crop is expected to decrease, not to mention the prolonged drought making pepper supply increasingly difficult," said Mr. Thong.
According to a report by Nedspice (a Dutch company operating worldwide in the sourcing, processing and distribution of spices, herbs and dried vegetables), Vietnam's processed pepper exports increased by more than 50% compared to last year and Vietnamese pepper is entering a new price increase cycle after many years of stagnation.
After a decade, Vietnamese pepper has rejoined the "billion dollar club"
In 2014, the first year Vietnam's pepper exports entered the "billion dollar club", specifically the export turnover reached 1.2 billion USD. In 2015, pepper prices reached a historical peak, 230 million VND/ton.
Since 2016, pepper prices have fallen dramatically, below cost, farmers have massively increased acreage, increased output, supply exceeded demand. Therefore, the "member" with the billion-dollar export shirt only maintained for 4 years, from 2014 to 2017, the export turnover in the following years only fluctuated between 700-800 USD.
From 2017 to 2023, export turnover will only be around 900 million USD.
The Vietnam Pepper and Spice Association (VPSA) estimates that Vietnam's pepper output in 2024 will only reach about 170,000 tons, down 10% compared to the previous year. Global pepper output in 2024 is expected to reach 465,000 tons.
Meanwhile, consumption demand is expected to reach 529,000 tons.
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