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Vietnam owns a series of billion-dollar agricultural products, of which pepper is a product that our country accounts for 60% of the world’s export output with more than 120 countries looking to buy it. Exports of this product in 2024 have recorded positive growth.
Specifically, Vietnam’s pepper exports in December 2024 reached more than 14,742 tons with a value of more than 97.4 million USD, down 7.1% in volume and down 8.5% in value compared to the previous month. there. Export price reached 6,606 USD/ton, a sharp increase of 73% over the same period.
By the end of 2024, pepper has brought Vietnam more than 1.3 billion USD, equivalent to nearly 250 thousand tons, down 6.2% in volume but increasing sharply by 44% in value compared to the same period in 2023. The reason for the increase in turnover is due to a sharp decrease in supply and export prices becoming expensive.
In terms of market, the US continues to be the largest import market for Vietnamese pepper with more than 73,710 tons, worth more than 407.6 million USD, a sharp increase of 34% in volume and 84% in value compared to the same period last year. period 2023.
Ranked second is the German market with nearly 15,851 thousand tons, worth more than 90.9 million USD, an increase of 70% in volume and a sharp increase of 132% in value compared to the same period last year. This is also the pepper export market with the highest growth rate. Prices recorded a strong upward trend of 37%, reaching 5,734 USD/ton.
Ranked third is the UAE market with a volume equivalent to Germany, worth 14,486 tons, 68.4 million USD, up 20% in volume and 92% in value compared to the same period last year.
Olam Vietnam is the largest pepper export enterprise in 2024 reaching 27,800 tons, accounting for 11.1% and compared to 2023, exports will increase by 36.9%.
Next are businesses: Phuc Sinh with 22,293 tons, accounting for 8.9%, an increase of 41.1%; Nedspice Vietnam 20,420 tons, accounting for 8.1%, up 6.4%; Haprosimex JSC 17,899 tons, accounting for 7.1%, an increase of 63.8%; Pearl 16,210 tons, accounting for 6.5%, down 2.0% compared to 2023.
Pepper prices have seen a strong increase since the beginning of 2024 until now. Pepper price increases will continue to occur due to increased demand, while supply is limited.
In general, the domestic pepper market is quite quiet with low trading volume. According to estimates, the amount of pepper available for export in January and February 2025 will be very limited, putting great pressure on current inventories, because the main harvest will begin in March or September. 4.
According to records, people’s inventories are low, next year’s crop is late and farmers’ autonomy to sell is higher (good income helps them not sell immediately but store it to wait for prices to increase).
In addition, pepper demand is showing signs of recovery, especially in the Chinese market. The approaching year-end festive season has increased demand, while reports of reduced exports from Vietnam have also contributed to the increase in market prices, which has a positive impact on pepper prices. global.
It is forecast that pepper prices will enter an increasing cycle, taking place in early 2025, mainly due to reduced supply. Besides, shipping costs are higher.
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