Vietnam's pepper industry is celebrating remarkable success in 2024, with exports soaring to an impressive $1 billion in the first nine months. This achievement highlights the country’s position as a global leader in pepper production, despite a slight 1.5% drop in volume. The value of exports has surged by 46.9% year-on-year, driven by a significant rise in prices. In September, the average export price reached $6,239 per ton, reflecting a remarkable 67.5% increase from the previous year.
The price growth can be attributed to weather-related supply challenges and farmers' strategic crop switching, creating an opportunity for producers to capitalize on current market conditions. With the Lunar New Year approaching, demand for high-quality pepper is expected to further boost domestic prices, presenting exciting prospects for the industry.
Looking ahead, the Ministry of Industry and Trade projects that while pepper production may face some challenges next year due to drought, global prices are likely to remain strong. The Vietnam Pepper Association anticipates that demand will continue to outpace supply in the coming years, ensuring a bright future for the industry.
As the world’s largest exporter of pepper, holding a remarkable 60% share of the global market, Vietnam plays a pivotal role in international trade. Last year, the country’s pepper exports were valued at $912 million, showcasing its essential contribution to the agricultural sector and the global spice market.
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