In 9 months, Vietnam earned more than 1 billion USD from pepper exports, in September alone it reached 125 million USD with an average export price of 6,239 USD per ton – the highest in the past 8 years.
According to preliminary data from Customs, in September this year, Vietnam exported 20,000 tons of pepper, earning 125 million USD. Compared to the same period last year, pepper exports increased 10.4% in volume and 84.9% in value. The average export price reached 6,239 USD (more than 153 million VND) per ton, an increase of 67.5% – the highest level in 8 years.
Cumulatively in the first 9 months of the year, Vietnam has earned more than 1 billion USD from 203,000 tons of pepper. Although export volume decreased by 1.5% over the same period last year, value increased by 46.9%.
Businesses said pepper prices increased due to reduced supply due to weather and the trend of crop conversion. Besides, speculators also contribute to pushing prices up. Although prices have increased, export businesses are facing great pressure due to weak purchasing power, while purchasing prices in the domestic market are still high but goods are scarce.
On the morning of September 30, pepper prices in the domestic market fluctuated between 148,000 and 149,000 VND per kilogram, an increase of 1,000 VND compared to the previous day. Experts predict that domestic pepper prices are likely to continue to increase, especially when shopping demand for the upcoming Lunar New Year comes.
On the world market, the International Pepper Consortium (IPC) recorded the price of Vietnamese black pepper at 6,800 USD per ton for 500 grams per liter; 550 grams per liter at $7,100 per ton; The price of white pepper is 10,150 USD per ton.
The Import-Export Department (Ministry of Industry and Trade) forecasts that global pepper prices will remain high in the short term due to limited supply.
In the long term, Vietnam’s pepper output is expected to decrease in the 2025 crop due to the impact of drought. This may cause export prices to continue to be supported. According to the Vietnam Pepper and Spice Association (VPSA), the amount of pepper in the population is almost gone, only remaining in the warehouses of businesses.
Leaders of the Vietnam Pepper Association commented that global pepper production will not be enough to meet consumer demand in the next 3-5 years. Experts predict that pepper has entered a new price increase cycle, lasting 10-15 years, with the possibility of reaching a peak of 350,000-400,000 VND per kilogram.
Pepper is considered “black gold” because of its high economic value, playing an important role in agricultural exports of many countries, especially Vietnam. Last year, Vietnam’s pepper exports reached a turnover of 912 million USD. Vietnam continues to maintain its position as the world’s largest pepper exporter, accounting for about 60% of the global market share.
