Business
Vietnamese pepper prices sharply rise
  • | dtinews.vn | June 22, 2024 10:15 PM
Vietnam's pepper prices have continued increasing amid the higher demand but lower supply.

Domestic pepper prices currently range between VND156,000-162,000 (USD6.12-6.36) per kilo.

Vietnam's export price of pepper has also been on the sharp rise. The black pepper is being exported at USD7,800-8,000 per tonne, compared to USD1,582 from Indonesia, USD3,100 from Malaysia and USD400 from Brazil.

Meanwhile, the export price for white pepper has hit an all-time high of VND12,000 per tonne, compared to USD3,623 per tonne in Indonesia and USD4,700 per tonne in Malaysia.

The black pepper export increased by 100 percent from early this year, while the rate is 110.5 percent for the white pepper.

According to the Vietnam Pepper and Spice Association (VPSA), Vietnam exported nearly 110,000 tonnes of pepper of different kinds, worth a total of USD469 million. The figures represented a drop of 16.8 percent in volume but an increase of 15.4 percent in value against the same period of last year.

Vietnam has about 60,000 tonnes of pepper available for export from now to the year-end, excluding the inventory.

Hoang Thi Lien, chairwoman of VPSA, said that pepper among farmers is still available. However, instead of selling in large quantities, they are selling sporadically to wait and see amid the rising pepper prices in the world market.

Lien added that pepper prices are expected to cool down quickly, but returning to previous price levels will be difficult.

This year's pepper season ended in April, while the pepper area has been in the fall as farmers turn to grow other crops. The global market has lacked around 100,000 tonnes of pepper. China is boosting the pepper import due to its low inventory.

In May, Vietnam exported 3,137 tonnes of pepper to China, representing a 4.8-fold increase on-year and the highest level in the past 11 months.

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