Prices increase sharply, Vietnamese businesses sell 'black gold' and earn 900 million USD
Sep
Since the beginning of the year, the export price of "black gold" has increased sharply, helping Vietnamese businesses earn nearly 900 million USD from selling this strong product.
On the first day of September, pepper prices continued to increase, reaching VND144,000-146,000/kg depending on the locality. This price is still quite far from the historical peak of VND180,000/kg in June, but is still about 80% higher than at the beginning of this year and double that of the same period last year.
In the world market, according to data from the International Pepper Community (IPC), at the end of the most recent trading session, the price of Vietnamese black pepper was at 6,100 USD/ton for 500 g/l; 550 g/l was priced at 6,500 USD/ton; the price of white pepper was at 8,800 USD/ton.
The latest report from the Ministry of Agriculture and Rural Development shows that the average export price of pepper - the type of grain considered as "black gold" of Vietnam in the first 8 months of this year is estimated at 4,810 USD/ton, a sharp increase of 47% over the same period last year.
Notably, the price increase of “black gold” has been maintained since 2023. In particular, this year has witnessed a sharp increase in the export price of pepper, from 4,000 USD/ton in January to 5,954 USD/ton in August (average price).
Accordingly, Vietnamese enterprises have “embraced” about 891 million USD thanks to the sale of 185,000 tons of “black gold”. Compared to the same period last year, the export of this item decreased slightly by 1.4% in output but the value increased sharply by 44.9%.
In August alone, pepper exports increased by 9.7% in volume and increased sharply by 75.1% in value compared to the same period in 2023, as the average export price increased by 69.6%.
Regarding the export market, the US is still the largest customer, spending 205.3 million USD to buy nearly 43,170 tons of pepper from our country. Compared to the same period last year, pepper exports to this market increased by 47.5% in volume and 74.9% in value.
Among the top 3 largest pepper export markets, Germany and the United Arab Emirates are spending a lot of money to buy this "black gold" from Vietnam.
Specifically, the amount of pepper exported to Germany doubled compared to the same period last year, with export value reaching over 57 million USD, an increase of 152.5%. Pepper exports to the United Arab Emirates also increased by 40.2% in volume and a sharp increase of 113.9% in value.
Currently, the amount of pepper exported in the past 8 months has exceeded the output of 170,000 tons of the 2024 harvest. Meanwhile, the inventory from last year carried over to this year is estimated at about 30%, equivalent to 50,000-55,000 tons.
According to the Vietnam Pepper and Spices Association (VPSA), global pepper trade decreased sharply in the first half of this year.
Among the world's five largest pepper exporting countries, Indonesia and India saw their export volumes increase by 48.3% and 34.1% respectively. However, Vietnam and Brazil, the world's two largest pepper producing countries and accounting for the majority of global export market share, saw their exports decline by 6.8% and 6% respectively compared to the same period last year. Therefore, the sharp increase in supply from Indonesia and India still could not offset the decline in Vietnam and Brazil.
Ms. Hoang Thi Lien - President of VPSA said that the decrease in harvest output in Vietnam and Brazil is the main reason for the increase in pepper prices in the world market.
Currently, our country's pepper inventory is not much, so in the last months of this year, the export of this item will be lower than in previous years and will last until about March 2025 when the new harvest season begins. Therefore, the price of this item globally is forecast to continue to increase and stay at a high level.
To meet consumption and production needs, in the past 8 months, Vietnamese businesses have spent about 85 million USD to import pepper, a sharp increase of 34.5% compared to the same period last year. The amount of imported pepper is also forecast to increase because domestic supply is running out.
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