Pepper export value reaches highest level since 2017

A farmer harvests pepper. — Photo vneconomy.vn

As of December 15, Việt Nam exported nearly 242,000 tonnes of pepper, earning US$1.26 billion, according to the General Department of Customs.

This figure far exceeds the $910.5 million recorded in 2023, despite a decrease in export volume of nearly 24,000 tonnes.

This marks the highest export value for Việt Nam's pepper industry since 2017.

The Ministry of Agriculture and Rural Development explained the increase in pepper export value is attributed to a significant rise in prices.

In January, the export price of pepper was $4,003 per tonne, but by October, it had surged to $6,501 per tonne, reflecting a 72.4 per cent increase compared to the same period in 2023.

The average export price in the first 11 months of 2024 rose by 53.3 per cent year-on-year to reach $5,198 per tonne.

Domestically, the price of pepper climbed from VNĐ80,000 ($3.15) per kg in January to VNĐ180,000 per kg in mid-June 2024.

Although the price has slightly decreased since then, it remains at VNĐ145,000 per kg, ensuring substantial profits for pepper growers.

Currently, Việt Nam's three largest export markets for pepper are the US, Germany and the United Arab Emirates, which together account for 44.1 per cent of the total export turnover for this commodity.

Việt Nam has been the world's largest pepper exporter for over 20 years. About 95 per cent of the country’s harvested pepper is exported, with domestic consumption accounting for only five per cent.