At a conference on pepper and spice export on April 21, Lien said the forecast is based on expectations that pepper prices will rise as demand recovers after COVID-19 while supply remains scarce.
Export prices are also expected to increase when processing improves and organic cultivation is expanded, she said.
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Export of pepper, spices forecast to earn 2 billion USD in 2025 (Photo for illustration) |
Pepper beans and spices brought home more than 1.4 billion USD last year, with pepper accounting for 69.4%, cinnamon 20.6%, star anise 5.1%, cardamon and nutmeg 2.3%, ginger and turmeric 1.6% and chilli 0.8%.
Chief of the VPA Office Le Viet Anh estimated that pepper bean harvest in 2023 would be around 200,000 tons, up 9.3% year on year. Meanwhile, the International Pepper Community (IPC) has reported that output from other pepper producers like Brazil, Indonesia and India is forecast to drop.
As a result, total pepper output in the world is projected at 526,000 tons this year, compared to 537,600 tons in 2022.
Vietnam also expects a higher cinnamon output this year, at around 45,000 tons.
The country shipped abroad 76,727 tons of pepper beans for 235.9 million USD in the first quarter of 2023, up 40.5% in volume but down 7.3% in value year-on-year.
Export of cinnamon rose 45.8% in volume to 18,685 tons and 13.8% in value to 54.8 million USD.
Vietnam is one of the biggest exporters of pepper and spices, accounting for 11% of the global market in 2022.
Source: VNA