The US, China, India and 120 countries are continuously closing orders

Pepper is Vietnam’s main crop, bringing great economic value and is one of our country’s main agricultural exports. Vietnam has been the world leader in pepper production and export for more than 20 years.

According to preliminary statistics of the Vietnam Pepper and Spice Association, in October 2024, Vietnam exported 18,493 tons of pepper of all kinds with a total export turnover of 120.2 million USD. The average export price of black pepper in the month reached 6,284 USD/ton, down 28 USD and white pepper reached 8,029 USD/ton, up 191 USD.

By the end of October 2024, Vietnam had exported 219,387 tons of pepper of all kinds, of which black pepper reached 193,892 tons and white pepper reached 25,495 tons. Total export turnover reached more than 1.1 billion USD, an increase of 48%. The average export price of black pepper in 10 months reached 4,971 USD/ton, an increase of 1,528 USD and white pepper reached 6,626 USD/ton, an increase of 1,671 USD compared to the same period in 2023.

The United States is the largest export market of Vietnamese pepper reaching 62,553 tons, an increase of 46.8% over the same period last year. Next are the markets: UAE reached 14,540 tons, up 45.0%; Germany reached 13,737 tons, an increase of 77.2%; India reached 9,428 tons, down 10.5% and the Netherlands reached 9,295 tons, up 41.2% over the same period. China is Vietnam’s 6th largest export market reaching 9,252 tons, but over the same period the export volume decreased by 84%.

Olam Vietnam is the largest export enterprise in the first 10 months of 2024 reaching 23,160 tons, accounting for 10.6%. Next are businesses such as Phuc Sinh reaching 20,118 tons, an increase of 58.2%; Nedspice Vietnam reached 17,014 tons, accounting for 7.8%, an increase of 10%; Haprosimex JSC reached 16,002 tons, accounting for 7.3%, up 77.5% and Tran Chau reached 14,031 tons, accounting for 6.4% and down 0.8%….

In the third quarter of 2024, pepper prices on the world market remained high, especially in August and September. The reason is said to be limited supply and increased import demand from markets. Entering October 2024, pepper prices decreased due to sell-off activities due to liquidity needs.

In addition, the world pepper supply was supplemented from Brazil and Indonesia, while low demand from China impacted pepper prices on the world market. Despite a sharp decrease compared to the end of September 2024, pepper prices in October 2024 still remain high.

It is forecasted that in the short term, world pepper prices will fluctuate in a downward trend. However, the downward trend will not last long due to limited supply and increased import demand due to seasonal factors.

The Import-Export Department said that in the last months of this year, Vietnam’s pepper export activities will not be favorable due to low domestic supply and still low demand from China.

For the first time in 10 years, pepper exports have reached the 1 billion USD mark in just 9 months, and will likely set the highest record ever with 1.3 billion USD by the end of 2024.

It is expected that in early 2025, our country’s pepper exports will be favorable thanks to the expected strong increase in purchasing demand from the Chinese market. Meanwhile, after Indonesia’s most recent harvest, until February 2025, the world pepper supply had not yet had a significant addition. This is said to be a favorable factor when Vietnam enters the new harvest season of 2025.