The world has 526 thousand tons of 'black gold', Vietnam accounts for the largest amount

According to the International Pepper Community (IPC), the total global pepper output in 2023 is estimated at 526 thousand tons, lower than the 537.6 thousand tons in 2022. Of which, the output of this item in Brazil, Indonesia and India is forecast to decrease compared to 2022.

Vietnam's pepper output alone is estimated at 200,000 tons, up 9.3% over last year and accounting for 38% of global pepper output.

With the above output, Vietnam continues to hold the world's number 1 position in pepper production and export.

In our country, pepper is considered “black gold”. It is estimated that last August, Vietnam exported 16,000 tons of pepper, earning 60 million USD, up 4.9% in volume and 5.4% in value compared to July 2023.

In the first 8 months of 2023, our country exported about 184 thousand tons of "black gold", with a turnover of 600 million USD, up 14.5% in volume but down 15.9% in value over the same period last year.

Although Vietnam's pepper export price is gradually recovering, in the past 8 months, the average export price only reached 3,263 USD/ton, down 26.5% compared to the same period last year.

On September 7, the export prices of 500 and 550g/l black pepper from Vietnam were at 3,500 USD/ton and 3,600 USD/ton, respectively. The export price of white pepper remained at 5,100 USD/ton.

Pepper prices in the domestic market remained at 71,000-73,500 VND/kg.

Industry experts say that the amount of pepper from the 2023 crop is not much left in the hands of people and businesses. From now until the end of the year, pepper exports will mainly come from inventories from previous years. This is believed to be the reason for the increase in domestic pepper prices in August 2023 and recent days.

It is forecasted that in the short term, the global pepper market will be under pressure from demand from the US, Europe and China. However, demand from these markets has not really improved. Accordingly, Vietnam's export of this commodity in the coming time will remain low.

Vietnam sells 153 thousand tons of 'black gold', China and the US buy large quantities In the first half of this year, Vietnam exported nearly 153 thousand tons of "black gold", earning 483.2 million USD. Of which, China and the US spent money to buy large quantities of this commodity from our country.

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