The reason, according to experts, is due to supply shortages in producing countries while demand in major markets such as Europe, the US, and China increases.
In Vietnam, this year’s pepper crop failed due to unusual weather and people switched to other crops, mostly fruit trees, in the past due to low pepper prices.
Thanks to rising pepper prices, the Vietnam Pepper and Spice Association (VPSA) predicts that this year, this agricultural product will return to the 1 billion USD export club.
According to the Ministry of Agriculture and Rural Development, pepper exports in the first 4 months of the year reached 84,000 tons, earning 353 million USD, down 18.3% in volume but up 11.5% in value over the same period last year. 2023.
The average export price of pepper in the first 4 months of the year is estimated at 4,214 USD/ton, an increase of 36.4% over the same period in 2023. In the first 3 months of 2024, Vietnam’s 3 largest pepper export markets are US, Germany and India with a total market share of 41.5%.
Source link
