Vietnam: Growers make huge profits when prices skyrocket
Whole Black Peppercorn
Vietnam
Market & Price Trends
Published Mar 14, 2024
Tridge summary
Pepper prices in Vietnam have surged by 36% this year, hitting a five-year high of 95,000 VND per kg due to a decrease in output from 7-8 tons per hectare to 4-5.5 tons. Despite the lower yield, the high prices have led to significant profits for growers. The Ministry of Industry and Trade anticipates a further 10.5% decrease in crop output, which is expected to maintain high prices. In the first two months of the year, Vietnam's pepper exports decreased by 12.3% in volume but increased by 12.9% in value, reaching about 35,000 tons worth 143 million USD. While exports to traditional markets decreased, there was an increase in exports to India, Germany, Korea, and England.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
Starting from March, pepper growers in Dong Nai, Binh Phuoc, Dak Lak, and Gia Lai enter the harvest season. Compared to last year, pepper prices this year increased dramatically, helping growers make big profits. At the end of the session on March 13, pepper price reached 95,000 VND per kg, up 36% over the same period last year. This is the highest level in the past 5 years. Mr. Pham Van Trung in Dong Nai said he had just harvested 3 tons of pepper this season. With a selling price of 95,000 VND per kg, his family can earn nearly 300 million VND. "I just sold about 1 ton of beautiful pepper, the remaining 2 tons are waiting for the price to increase," he said. Being bought by traders for 105,000 VND with grade 1 pepper, Ms. Mai Anh said she is very excited because this year has high profits. "Pepper prices are currently up 36% over the same period last year. Therefore, with 2 tons of harvest, my profit is more than 140 million VND (costs deducted)," said Ms. Mai Anh. According to ...
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