Vietnamese pepper farmers benefit from soaring prices in 2024, with export revenues reaching nearly $1.3 billion. Photo: Pham Cong.

Vietnam’s export of 242,000 tons of pepper, often referred to as "black gold," during a period of skyrocketing prices has brought in nearly $1.3 billion in 2024, even before the year ends.

According to preliminary statistics from the General Department of Customs, as of December 15, Vietnam had exported close to 242,000 tons of pepper, generating $1.26 billion in revenue.

This year's export value has significantly exceeded the $910.5 million achieved in 2023, even though the export volume is approximately 23,900 tons lower.

The earnings mark the highest record for Vietnam’s pepper industry since 2017, signaling a return to its golden era.

The dramatic surge in pepper prices is the key driver behind this success. In January, the export price of pepper averaged $4,003 per ton, but by October, it had climbed to $6,501 per ton - a 72.4% increase compared to the same period last year.

According to a report from the Ministry of Agriculture and Rural Development, the average export price of pepper in the first 11 months of 2024 was $5,198 per ton, representing a substantial 53.3% increase year-over-year.

On the domestic front, pepper prices skyrocketed from VND 80,000 per kilogram in January to VND 180,000 per kilogram by mid-June. Although prices have cooled since, they remain high, securing strong profits for pepper farmers.

The United States, Germany, and the United Arab Emirates are the largest importers of Vietnamese pepper, accounting for 44.1% of the sector's total export turnover.

Germany, in particular, saw a remarkable surge in imports, with its volume more than doubling—up 2.4 times compared to the same period in 2023.

Vietnam's key pepper-growing regions are preparing for the upcoming harvest season, with an estimated yield of 170,000 tons.

Notably, farmers are shifting away from the practice of large-scale, unchecked planting. Instead, they are focusing on improving productivity and quality through organic farming techniques.

Additionally, many have adopted intercropping systems, growing pepper alongside coffee and fruit trees. This approach helps the plants complement each other in terms of nutrition and pest control, ensuring stable yields and maintaining Vietnam's position as the global leader in pepper production.

Tam An