Business

Vietnamese pepper: decline in volume, surge in value

Despite a 5.1% drop in export volume, Vietnam’s pepper industry recorded a 45.4% increase in export turnover in 2024, reaching nearly 1.4 billion USD, according to the Vietnam Pepper and Spice Association (VPSA).

A farmer tends to her pepper plants in the central highlands province of Dak Nong. (Photo: VNA)
A farmer tends to her pepper plants in the central highlands province of Dak Nong. (Photo: VNA)

Hanoi (VNS/VNA) - Despite a 5.1% drop in export volume, Vietnam’s pepper industry recorded a 45.4% increase in export turnover in 2024, reaching nearly 1.4 billion USD, according to the Vietnam Pepper and Spice Association (VPSA).

In December 2024, Vietnam exported 15,265 tonnes of pepper of all types, including 12,771 tonnes of black pepper and 2,494 tonnes of white pepper, generating a total turnover of 100.6 million USD. Compared to November, export volume decreased by 4.3%, while turnover fell by 5.5%. The average export prices stood at 6,476 USD per tonne for black pepper and 8,198 USD per tonne for white pepper, a slight decline from the previous month.

The US remained the largest market for Vietnam’s pepper, accounting for 29.5% of December’s exports with 4,509 tonnes, despite an 11.4% decline compared to November. Olam Vietnam was the leading exporter for the month, contributing 2,551 tonnes, followed by Nedspice and Phuc Sinh.

Over the past year, Vietnam exported 250,600 tonnes of pepper, including 220,269 tonnes of black pepper and 30,331 tonnes of white pepper. The total export turnover reached 1.3 billion USD, with black pepper contributing 1.1 billion USD and white pepper 200.6 million USD. Despite a decrease in export volume compared to 2023, the significant surge in turnover was attributed to higher export prices. Black pepper prices averaged 5,154 USD per tonne, a 49.7% increase, while white pepper reached 6,884 USD per tonne, up 38.9%.

The price increases reflect the country's efforts to improve the quality and brand image of its pepper in recent years, making the switch to producing high-quality, premium-priced products.

The United States imported a record-breaking 72,311 tonnes of pepper in 2024, marking a 33.2% increase from 2023 and accounting for 28.9% of Vietnam’s total exports. Other key markets included the UAE, Germany and the Netherlands, all showing strong growth, while exports to India and China experienced notable declines.

On the import side, Vietnam bought 36,727 tonnes of pepper in 2024, valued at 176.2 million USD, representing increases of 38.4% in volume and 99.5% in value compared to 2023. Indonesia was the leading supplier, providing 17,194 tonnes, a 431.2% surge from the previous year.

Olam Vietnam emerged as the top performer in exports and imports in 2024, exporting 27,800 tonnes and 12,462 tonnes. Other major exporters included Phuc Sinh, Nedspice Vietnam and Haprosimex JSC./.

VNA
#pepper industry #Vietnam Pepper and Spice Association #export volume #market
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