Vietnam's Pepper Price Hits Roof on Global Market

Vietnamese pepper has fetched a record high price on the global market with a rise of 20 per cent since early November, according to the Vietnam Pepper Association (VPA).

 

The price has increased by US$500 to US$2,500 per ton in less than a fortnight, said an official from the association, adding that the soaring trend would continue because of declining pepper supply from giants like India, Brazil, or Indonesia and dwindling global stockpiles.

 

Meanwhile, Vietnam, which accounts for half the global pepper supply, was sitting on huge stocks, the VPA said.

 

The country exported 112,000 tons of pepper for $178 million in the first ten months this year, up 19.3 per cent in volume and 38 per cent in value against the same period last year.

 

It hopes to export 150,000 tons annually by 2010.

 

At present, Vietnam pepper products are available in 80 countries and territories worldwide with Singapore, Russia, the EU, and the Middle East being the biggest markets.

 

The association is encouraging planting of white pepper, a product in favor in the choosiest markets like the US. Last year white pepper accounted for 35 per cent of the country’s exports.