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Vietnam's pepper exports forecast to earn $1 billion

Staff writer |
Pepper is forecast to join one billion U.S. dollar export revenue club of Vietnam's farm products in 2014, Vietnam Industry and Trade Information Center (VITIC) under the Ministry of Industry and Trade said.

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Accounting for 30 percent of annual global pepper output and 50 percent of pepper export volume in world market, Vietnam has great influence on the price of the spice, said the association, adding that pepper's price is projected to stay high in the coming months.

In the first quarter (Q1) of 2014, Vietnam exported some 49,500 tons of pepper to earn 336.21 million U.S. dollars, up 30.9 percent in volume and 32.57 percent in value.

Vietnam Pepper Association was quoted by VITIC as saying that Vietnam's pepper output in 2014 was expected to hit 150,000 tons, up 30,000 tons over the previous year.

In the first two months, Vietnam's pepper average price was 6, 828 U.S. dollars per ton, up three percent year-on-year.

In Q1, Vietnam sold some 30 percent of its pepper output on world market, said Vietnam Customs, adding that the United States, Singapore and India remained Vietnam's large pepper importers during January-March period.

Vietnam witnessed remarkable growth in pepper export revenue in most of its markets including Singapore, Pakistan, Thailand, Malaysia, France, and Kuwait among others.

Especially in Indonesia, Vietnam's pepper export turnover hit 4. 52 million U.S. dollars, up 1,775 percent year-on-year during three-month period, said VITIC.

In 2013, Vietnam succeeded in maintaining its position as the world's largest pepper exporter and producer, earning $900 million from selling 134,000 tons of pepper to overseas markets, up 13.4 percent in value and 14.9 percent in volume.


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