Vietnam Spends 2,700 Billion VND on Pepper Imports in 10 Months

Vietnam’s pepper industry has seen a significant surge in imports, with businesses spending approximately 2,700 billion VND (equivalent to 108 million USD) on importing pepper in just 10 months.

According to preliminary statistics, pepper imports have increased sharply by 38.2% compared to the same period last year. The main countries of origin for these imports are Brazil, Indonesia, and Cambodia.

Mr. Phan Minh Thong, Chairman of the Board of Directors of Phuc Sinh Joint Stock Company, attributes the high export prices to limited supply. As a result, pepper farmers have benefited from extremely high selling prices, while export enterprises have struggled to purchase domestic pepper.

The decrease in output, coupled with speculation and prolonged drought, has led to a scarcity of domestic pepper supply, driving prices up sharply.

In contrast, Vietnam’s pepper exports have seen a significant increase in value. In the first 10 months of 2024, the country exported approximately 220.3 thousand tons of pepper, with an estimated value of 1.12 billion USD. Although the volume of exported pepper decreased by 2.3% over the same period last year, the value increased sharply by 48.2%.

The average export price of pepper in the 10 months of 2024 is estimated to reach 5,084 USD/ton, up 51.7% over the same period in 2023.

The US, Germany, and the United Arab Emirates (UAE) are the top three customers for Vietnam’s pepper exports, accounting for 44.2% of the country’s “black gold” export value in the first 9 months of 2024. Notably, exports to the German market have increased 2.4 times over the same period last year.