The US is Vietnam's largest pepper export market.

In the first 11 months of 2023, pepper exports earned 833.2 million USD. Vietnam's pepper exports in January increased sharply, earning 79 million USD.

According to statistics from the General Department of Customs, in February 2024, Vietnam exported 13,450 tons of pepper, equivalent to 54.5 million USD, down 23% in volume and 22% in value compared to the previous month.

In the first two months, Vietnam's pepper exports reached 30,914 tons, worth 124.3 million USD, down 23.5% in volume and 2.1% in value compared to the same period last year.

In contrast to output and turnover, the average export price in February 2024 reached 4,021 USD/month, a sharp increase of 28% over the same period in 2023.

In recent days, pepper prices in the domestic market have continued to increase. Black pepper prices in the Central Highlands provinces are fluctuating at 93,500 - 95,500 VND/kg, up 15 - 16% compared to the end of 2023 and up 45 - 47% compared to the same period last year. Thus, domestic pepper prices are currently at their highest level since 2017. Due to the high pepper prices, farmers are also holding onto their goods waiting for higher prices.

Mỹ là thị trường xuất khẩu hạt tiêu lớn nhất của Việt Nam

The US is Vietnam's largest pepper export market. Photo: VNA

In terms of market, the US was Vietnam's largest pepper export market in the first two months of the year, reaching 8,735 tons, equivalent to 36.5 million USD, accounting for 28.3%. Following behind were India and Germany, both of which saw growth in output and turnover.

Meanwhile, exports to China in the first two months dropped sharply to only 816 tons from 10,209 tons in the same period in 2023. This market also fell to 10th place in importing Vietnamese pepper with a market share of 2.6% compared to 25.3% in the same period.

In February, Vietnam exported 193 tons to Italy, equivalent to 769 thousand USD, a sharp increase of 1,187% in volume and 1,241% in value compared to the same period in 2023, accounting for 1.1% of total export output. The average export price reached 4,085 USD/ton, an increase of 12.4% over the same period last year.

According to the Vietnam Pepper and Spice Association (VPSA), Vietnam supplies about 50% of the world's pepper output and 60% of the global market share. At the same time, Vietnam has been the world's number 1 exporter for over 20 years. Currently, the country has 100,000 pepper farmers, 200 export enterprises and 35 pepper processing factories.

VPSA forecasts that Vietnam's pepper output this year will decrease by 10% to 170,000 tons compared to last year, the lowest level in the past 5 years. Meanwhile, the supply from Indonesia, Brazil, Malaysia, and Cambodia is not enough to compensate for the decrease in Vietnam's exports, which will push pepper prices up right from the beginning of the season.

Source