Vietnam's pepper exports in the first 10 months of 2024 reached 220,300 tons, valued at $1.12 billion, reported the Ministry of Agriculture and Rural Development.

This represents a 2.3% decrease in volume but a 48.2% increase in value, compared to the same period in 2023.

The average export price of pepper in the first 10 months of 2024 was $5,084 per ton, a 51.7% increase year-on-year.

According to the Vietnam Pepper and Spice Association, in the first 10 months, the United States was the largest destination of pepper export from Vietnam, accounting for 62,553 tons or 28.5% of the total, a 46.8% increase year-on-year.

Other major destinations include the UAE (14,540 tons, 6.6%, up 45%), Germany (13,737 tons, 6.3%, up 77.2%), India (9,428 tons, 4.3%, down 10.5%), and the Netherlands (9,295 tons, 4.2%, up 41.2%). China, the sixth largest destination, saw a significant decrease, with exports reaching only 9,252 tons, an 84% drop compared to the same period last year.

In 2014, Vietnam's pepper export revenue reached a record high of $1.2 billion. However, from then until 2023, it fell below the $1 billion mark. With the results of the first 10 months of 2024, pepper exports have regained the $1 billion milestone after 10 years and are projected to reach a new record of $1.3 billion in 2024.

Currently, 95% of Vietnam's pepper harvest is exported.

Although Vietnam has maintained its position as the world's leading pepper exporter for over 20 years, according to Ms. Hoang Thi Lien, Chairwoman of the Vietnam Pepper and Spice Association, the Vietnamese pepper industry faces intense competition from other countries. Brazil, in particular, has made significant strides in the past five years, exporting 80,000 tons in 2023 and projected to reach 100,000 tons in 2024.

"Therefore, all efforts and support should be focused on the pepper industry to ensure stable acreage and output, allowing Vietnam to maintain its proactive role in regulating world market prices as it does currently. On the other hand, it is necessary to promote pepper processing to enhance competitiveness and increase the value of exported pepper," Ms. Lien noted.

According to statistics from the Vietnam Pepper and Spice Association, the country currently has about 200 pepper processing and trading businesses, including 15 leading businesses that account for 70% of the country's exports. The industry has 14 deep processing factories. Notably, there are 5 foreign-invested enterprises, accounting for nearly 30% of the export market share.

Source; VnEconomy