The Import-Export Department (Ministry of Industry and Trade) cited statistics from the General Department of Customs as saying that it is estimated that in 2023, Vietnam will export pepper to 267 thousand tons, worth 912 million USD, an increase of 16.6%. in volume, but down 6.0% in value compared to 2022. Vietnam's average pepper export price will reach about 3,420 USD/ton in 2023, down 19.4% compared to 2022.

Pepper exports in 2023 earn 912 million USD

In 2023, Vietnam's pepper industry faces difficulties due to low consumption demand. The economic recession, high inflation, prolonged geopolitical tensions, and strong fluctuations in the global financial market have had an impact on consumer demand for goods in general and consumer demand. pepper in particular. By the end of 2023, Vietnam's pepper exports will increase in quantity, but decrease in value (due to reduced export prices) compared to 2022.

In the first 11 months of 2023, Vietnam's pepper export turnover to Europe, America and Africa decreased by 22%, 22.2% and 9.7% respectively compared to the same period in 2022. On the contrary , exports to Asia and Oceania increased by 11.4% and 157.3% over the same period in 2022, respectively.

By the end of 2023, export pepper prices in producing countries around the world fluctuated inconsistently, decreasing in Indonesia, stabilizing in Malaysia, but increasing sharply in Brazil and Vietnam.

In the domestic market, at the end of 2023, the price of black pepper in the domestic market increased sharply because speculators stepped up buying in the context of limited supply.

However, the increase in pepper prices is forecast to slow down as businesses purchase goods in moderation for processing. At the end of the trading session on December 27, 2023, the price of black pepper in the domestic market increased from 9,500 - 12,500 VND/kg (depending on each survey area). White pepper price is at 112,000 VND/kg, much higher than 93,000 VND/kg in the same period in 2022.

It is forecast that in 2024, world pepper prices will generally be higher than in 2023. Although the world economy still has many risks, pepper output from Vietnam, Brazil, India and Indonesia is expected to increase. reduce.

The Vietnam Pepper Association forecasts that global pepper output in the 2023/2024 crop year will decrease due to an estimated decrease in output from pepper-producing countries. Accordingly, it is estimated that Vietnam's pepper output in 2024 will decrease by about 10 - 15% to 160,000 - 165,000 tons; India decreased by 20%, Indonesia decreased by 20 - 30% and Brazil decreased by 15%.

It is forecasted that pepper exports in 2024 will be favorable in terms of quantity and price due to reduced output. Pepper inventory in 2023 transferred to 2024 will be the lowest in recent years.