Export pepper prices plummet.

The average export price of pepper in the first five months reached only $3,011 per ton, the sharpest decline in three years, causing heavy losses for farmers.

According to statistics from the Ministry of Agriculture and Rural Development , in the first five months of the year, Vietnam exported 138,000 tons of pepper, equivalent to 414 million USD, an increase of 38.4% in volume but a decrease of 9.9% in value compared to the same period in 2022.

Over the past five months, the average export price of pepper reached $3,011 per ton, a 35% decrease compared to the same period in 2022. This is the sharpest decline in nearly three years.

Export prices for pepper have plummeted due to decreased global demand. Pressure from a strengthening US dollar and Fed interest rate adjustments have impacted pepper imports in many major markets. Specifically, pepper exports to the US, the United Arab Emirates, India, Germany, the Netherlands, the UK, and South Korea have continuously declined by 20-70% over the past several months.

Domestically, pepper prices have risen slightly to 73,000-75,000 VND per kilogram, but this level is still causing hardship for farmers.

According to Ms. Hong Lam, the owner of a pepper plantation, this year's erratic weather and unseasonal rains have resulted in low yields. "We took good care of our plants, but the yield from our 600 pepper plants only reached 50% of our usual target, so we still suffered heavy losses," Ms. Lam said.

Similarly, farmers in the Central Highlands reported that pepper crops have seen a decrease in yield compared to the previous year, ranging from 20-50%. Meanwhile, they are facing high investment costs due to sharp increases in the prices of supplies, fertilizers, pesticides, and labor.

Forecasting for the second half of the year, the Ministry of Industry and Trade believes that prices will rise and the market will become more vibrant as demand increases from China, Papua New Guinea, ASEAN, Turkey, etc., compensating for the still sluggish import demand from the US and EU markets.

Thi Ha

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