Vietnam has a series of billion-dollar agricultural products. Among them, pepper is accounting for 60% of the world’s export volume, with buyers from over 120 countries. In 2024, pepper exports have recorded positive growth.

Specifically, Vietnam’s pepper exports in December 2024 reached over 14,742 tons with a value of over 97.4 million USD. This was a decrease of 7.1% in volume and 8.5% in value compared to the last month. The export price was 6,606 USD/ton, a significant increase of 73% compared to the same period in 2023.

By the end of 2024, pepper has brought more than 1.3 billion USD to Vietnam, equivalent to nearly 250,000 tons. This was a decrease of 6.2% in volume but a significant increase of 44% in value compared to the same period in 2023. The reason for the high export value is due to a significant decrease in supply, making export prices increasing strongly.

Vietnam currently holds 60% of the world’s pepper exports.

In terms of the market, the US continued to be the largest importer of Vietnamese pepper, with over 73,710 tons, worth over 407.6 million USD. This result was a significant increase of 34% in volume and 84% in value compared to the same period in 2023.

Germany ranked second with nearly 15,851 thousand tons, worth over 90.9 million USD, an increase of 70% in volume and a significant 132% in value compared to the same period last year. Pepper exports to this market also had the highest growth rate. The price recorded a strong upward trend of 37%, reaching 5,734 USD/ton.

Ranking third was the UAE with a volume equivalent to Germany, reaching 14,486 tons, worth 68.4 million USD, an increase of 20% in volume and 92% in value compared to the same period in 2023.

Pepper prices have seen a strong increase since the beginning of 2024. The will continue due to rising demand, while supply is limited.

Overall, the domestic pepper market is quite silent with low trading volumes. The amount of pepper available for export in January and February 2025 will be very limited, putting significant pressure on the current inventory, as the main harvest will begin in March or April.

According to reports, the inventory among the community is low. The next harvest is delayed so farmers have more control over selling (good income allows them to hold off on selling and wait for prices to rise).

In addition, the demand for pepper is showing signs of recovery, especially in China. The end-of-year holiday season is coming, causing demand to increase. Meanwhile, reduced exports from Vietnam are contributing to the market price increase, positively impacting global pepper prices.

It is forecast that pepper prices will enter a rising cycle, from early 2025, mainly due to a decrease in supply. Besides, transportation costs are higher.