Pepper exports likely to reach US$1 billion this year

Thursday, November 18, 2021  10:35

VOV.VN - Vietnamese pepper exports are anticipated to witness robust growth ahead during the remaining months of the year, with export turnover expected to hit US$1 billion this year.

According to statistics released by the General Department of Vietnam Customs, local pepper exports enjoyed an annual surge of 47% to rake in US$719 million during the opening nine months of the year.  

Most notably, the export value of Vietnamese pepper soared by approximately 50% throughout the reviewed period due to a high price recorded in the global market.

The export price of pepper is predicted to rise further in the remaining two months of the year due to a growing demand from several markets, especially China, which will fuel pepper exports in future.

Statistics show that Chinese pepper imports from Vietnam rose by 10.9% to US$12.52 million during the reviewed period, raising Vietnam’s pepper market share in China from 25.66% last year to 30.54% till the end of September 2021.

However, the remaining pepper export volume remains modest, ranging between 25,000 tonnes and 30,000 tonnes in the last two months, according to data from the Vietnam Pepper Association.

With the current export price of approximately US$4,000 per tonne, the total pepper export value in Nov.-Dec. 2021 is estimated at roughly US$100 million.

VOV