Revenue from pepper exports to Germany soar despite falling prices
Though Vietnam’s revenue from pepper exports experienced drops in most foreign markets, those to Germany soared during the first seven months of 2019, according to the Agro Processing and Market Development Authority.
A farmer harvests pepper in the Central Highlands province of Lam Dong. (Photo: VNA)
Hanoi (VNA) – Though Vietnam’s revenue from pepper exports experienceddrops in most foreign markets, those to Germany soared during the first sevenmonths of 2019, according to the Agro Processing and Market DevelopmentAuthority.
Vietnam exported 220,000 tonnes of pepper for 561 millionUSD in the first eight months of theyear, up 27.4 percent in volume but down 3.8 percent in value from a year earlier, due to falling global pepper prices.
Despite thedownward trend, pepper exports to Germany amounted to 8,000 tonnes worth 23.4 millionUSD, up 53.3 percent and 14.4 percent year on year, respectively.
As Vietnamesepepper is facing growingcompetition on theglobal stage, the signing of the EU-Vietnam Free TradeAgreement provides a great opportunity for the country to ease such pressureand boost exports, particularly of processed pepper, to Germany as well asother EU markets.
In the first half of thisyear, Vietnam exported 181,000 tonnes of black pepper, recording revenue of 461million USD, down 25.7 percent year on year.
The Ministryof Industry and Trade forecast that in the coming months, pepper exports may facedifficulties due to Brazil and Indonesia entering their main harvestseasons.
According to the VietnamPepper Association, pepper supply worldwide surpasses demand. In the comingyears, pepper production will continue to increase rapidly, and many pepperproducing countries, including Vietnam, will have significant inventory volume./.
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A farmer harvests pepper in the Central Highlands province of Lam Dong. (Photo: VNA)
