Rising world demand has helped Vietnamese pepper prices skyrocket with the average export price in the first four months of 2024 hitting $4,214 per ton, soaring by 36.4% compared to the same period last year, according to the Vietnam Pepper and Spice Association (VPSA).

During the four-month period, Vietnam exported 83,067 tons of pepper worth $352 million, down 19.4% in volume but up 10.3% in value year on year.

The strong growth in global pepper prices are resulted from limited supply while demand keeps increasing, particularly from the US, China and the EU. Prices of black pepper in international transaction floors have surged continuously to $4,900-5,200 per ton and prices of white pepper stood at $6,500-7,300 per ton.

Asia accounted for 36.2% of the country’s total pepper export volume. India remained the biggest pepper importer of Vietnam in the region with 5,552 tons, accounting for 6.7% of the sector’s total exports in the period and surging by 23.9% year on year.

Exports to American countries during the period rose 40.6% year on year with the US being the biggest importer with 22,774 tons, up 45.2% compared to the same period last year.