Vietnam has raised its pepper export forecast this year by nearly a quarter to 120,600 tonnes, citing rising domestic supplies and export price gains, the Agriculture Ministry said on Monday. The forecast export volume for 2011, up 23 percent from 98,000 tonnes projected in April, would bring in $731 million, the ministry said in a report.
Vietnam, the world's largest black pepper exporter, has harvested 110,000 tonnes of the spice this year, similar to 2010, but January-May pepper export revenue surged 56.4 percent from a year ago to $287.3 million, the report said.
Domestic black pepper prices eased to 98,000-100,000 dong ($4.77-$4.87) per kg in early June from a record of 115,000-117,000 dong per kg in mid-April, which were more than double from the same period last year, it said. Prices hit the record high because of exporter demand plus additional competition created by Chinese traders who came to buy directly from Vietnamese pepper farms, the report said. Prices rose again to 107,000-109,000 dong per kg now as buying agents and export firms started buying for stockpiles, the agriculture ministry said. The United States, Germany, the Netherlands, the United Arab Emirates and India topped the list of Vietnamese pepper buyers in the first five months of this year.
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