Pepper export turnover may surpass US$1 billion in 2024
VGP - Viet Nam exported more than 164 tons of pepper of all kinds to pocket US$764 million in the first seven months this year, reported the Viet Nam Pepper and Spice Association (VPSA)
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The pepper export value is expected to reach US$1 billion this year, according to VSPA.
In January-July period, Phuc Sinh, Viet Nam's leading pepper exporter, maintained 8 percent of the global market share.
According to the Commodity Exchange, the domestic pepper price was at VND140,000/kg (US$5.58/kg). At its peak, the pepper price reached VND158,000/kg (US$6.3/kg) due to supply scarcity.
Pepper output will fall as growing area in Viet Nam is likely to decrease sharply. In 2024, domestic pepper output is estimated at about 170,000 tons, down 20,000 tons compared to 2023 and the lowest level over the past five years.
The U.S. is the top importer of Vietnamese pepper with more than 43,000 tons, up more than 48 percent year-on-year, followed by Germany with nearly 11,000 tons, up 97 percent, and the United Arab Emirates with around 11,000 tons, up 40 percent.
Besides pepper, coffee export turnover is estimated at US$5 billion this year./.
