Pepper exports forecast to double

Pepper exports were likely to double last year’s figure to reach US$766 million this year, forecast the Ministry of Agriculture and Rural Development (MARD).

The prediction was made because the world currently has a limited supply of pepper. The International Pepper Community (IPC) previously forecasted that this year’s global pepper production would fall by 6,500 tonnes to 310,000 tonnes.

Due to increasing demand, the world market would likely witness a shortage of 45,000 tonnes of pepper this year, IPC said.

High demand on the international market had boosted the price for Viet Nam pepper exports, said MARD, adding that the price had increased by about 67.9 per cent since the beginning of this year.

In May, Viet Nam exported 15,000 tonnes of pepper valued at US$82 million. The latest addition boosted pepper exports during the first five months to 56,000 tonnes, worth $293 million, representing a 60 per cent increase over the same period last year.

The US and Germany were Viet Nam’s largest pepper importers during the period, accounting for 27 per cent of the country’s total pepper exports. They were followed by the Netherlands, the United Arab Emirates and Egypt.

Viet Nam currently contributes about 30 per cent of the global pepper output.

To further develop the sector, experts said the industry needed to focus on branding its product and improving quality. — VNS

Tags: Vietnam Pepper, Vietnam pepper exports