Despite a sharp drop in export prices, local pepper growers are still reaping big profits as they have enjoyed a bumper harvest this year, said officials.

The Ministry of Agriculture and Rural Development reported farmers have posted a 50-percent profit although the current pepper price is equivalent to one-third of the same period last year.

Vietnam Pepper Association (VPA) Chairman Do Ha Nam said this year’s pepper crop, which ended in May, harvested a total output of 95,000 tonnes.

In the Central Highlands province of Gia Lai, Chu Se district - the “pepper capital” of Vietnam - the average yield reached 7 tonnes per ha of pepper crops. A number of local households are now stockpiling hundreds of tonnes of dried pepper.

According to VPA, the country shipped 65,000 tonnes of pepper abroad in the first half of this year, earning 149 million USD, up 37 percent in volume, but a drop of 11 percent in value.

The US remained Vietnam ’s largest pepper importer, followed by Germany , the United Arab Emirates and the Netherlands .

Nam said the world’s pepper prices are falling largely due to the impact of the global financial crisis. Actually, there is more demand on the world market for pepper than growers are able to meet, he noted.

VPA experts recommended local businesses not export a large quantity of pepper at this time to avoid losses.

Vietnam is currently the world’s largest pepper exporter, with an annual average of 70,600 tonnes, accounting for a 31 percent share of the global market. Its total acreage for pepper tree growing stands at 50,000 ha.

The country exported more than 89,700 tonnes of pepper last year, raking in 309 million USD, up 7.6 percent in volume and 12.4 percent in value over the previous year./.