Pepper exports hit $353 million in four months amidst soaring prices

A pepper farm in Đắk Nông Province. — VNA/VNS Photo

Pepper export continued to enjoy high export prices in April, enabling Việt Nam to earn US$353 million from this 'black gold' export in the first four months.

In April, Việt Nam exported 27,000 tonnes of pepper, fetching $117 million, representing a slight increase of 2.2 per cent in volume but a significant surge of 40.4 per cent in value compared to the same month last year, data from the Ministry of Agriculture and Rural Development showed.

Ending April, pepper exports reached 83,783 tonnes, worth $353 million, marking a decrease of 18.3 per cent in volume but an increase of 11.5 per cent in value year-on-year.

The pepper export price in April climbed for the fourth consecutive month, averaging $4,342 per tonne, up 37.4 per cent compared to the previous year. Over the first four months, the average export price reached $4,214 per tonne, showing an increase of 36.4 per cent year-on-year.

Many new markets, including Pakistan, Germany, South Korea and India, have significantly increased imports of Việt Nam's pepper, with all recording triple-digit growth.

Việt Nam is a major pepper export in the world, occupying 40 per cent of global output and 60 per cent of export market shares. However, the prices of the country’s pepper products rank lowest among its counterparts.

Việt Nam's black pepper price ranges from $4,200 to $4,300 per tonne, whereas Brazil’s similar type is $4,900 per tonne, and Indonesia and Malaysia’s prices stand at $4,703 and $4,700 per tonne, respectively.

Hoàng Thị Liên, President of the Vietnam Pepper and Spice Association, said supplies from Việt Nam and Brazil have decreased due to El Nino impacts, leading to increases in export prices.

In the domestic market, pepper prices have surged from VNĐ67,000 per kilogramme at this time last year to the current VNĐ97,000 ($4) per kilogramme, marking a 44.7 per cent increase.

Pepper prices are expected to remain high in the future, potentially aiding the pepper industry in reaching the $1 billion export milestone this year. — VNS