According to preliminary statistics from the General Department of Customs, in January 2024, Vietnam exported 17,467 tons of pepper, equivalent to 69.87 million USD, a decrease of 13.9% in quantity, a decrease of 9.9% in value but an increase of 4.6% in price compared to December 2023; compared to January 2023, it increased by 39.2% in volume, 61.7% in value.
The average export price in January 2024 reached nearly 4,000 USD/ton, an increase of 4.6% compared to December 2023 and an increase of 16.2% compared to the same period last year. It can be seen that the export price of pepper has continuously increased and reached its peak in January 2024.
These days, the domestic price of pepper is also continuing to increase sharply. In early March 2024, according to a survey, the price of pepper ranges from 91,000 – 94,000 VND/kg after increasing by 1,000 – 2,000 VND/kg
In terms of market, the US tops the consumption of Vietnamese pepper, accounting for 27.7% of the total volume and 28.7% of the total export value of pepper of the whole country, reaching 4,831 tons, equivalent to over 20.02 million USD, with an average price of 4,144 USD/ton, compared to January 2023, it increased sharply by 45.5% in volume, 42.6% in value but decreased by 2% in price.
Next is the Southeast Asian market, accounting for 8% of the total volume and total value, reaching 1,386 tons, equivalent to 5.61 million USD, with an average price of 4,046 USD/ton, an increase of 0.2% in volume, 16% in value and 15.8% in price compared to December 2023; compared to January 2023, it increased sharply by 61% in volume, 77.5% in value and 10.3% in price.
India is the third largest market, reaching 1,384 tons, equivalent to 5.59 million USD, with a price of 4,037 USD/ton, a strong increase of 173% in volume, 243% in value and 25.8% in price compared to January 2023, accounting for 7.9% of the total volume and 8% of the total export value of pepper of the whole country.
It is worth noting that Germany is the market with the highest growth rate among all countries importing Vietnamese pepper.
Specifically, in January, Vietnam exported 968 tons to Germany, equivalent to 4.44 million USD, a sharp increase of 348.1% in volume and 456.5% in value compared to the same period in 2023. This European market accounted for 5.54% of the total volume and 6.36% of the total export value, ranking as the 4th largest export market of Vietnam.
According to the Vietnam Pepper Association, starting from 2001, Vietnam has become the largest exporter of pepper in the world with a total export volume of 56,506 tons, accounting for 28% of the world’s total pepper exports. Since then, Vietnam has continuously been the leading country in pepper production and export.
According to experts, this year, people in the Central Highlands and Southeast region have a good income from durian and fruit trees, so they are not in a hurry to sell pepper, but store it to wait for higher prices instead of selling immediately after harvest like in previous years.
It is expected that the upcoming 2024 crop yield of Vietnam will decrease by about 10.5% compared to the previous crop, reaching an estimated 170,000 tons, the lowest level in the past 5 years. While the supply from Indonesia, Brazil, Malaysia, Cambodia is not enough to compensate for Vietnam’s export volume, it will push pepper prices to jump from the beginning of the season.
