Portugal. The quantity of imported pepper reached 300 tons. In 1503, it exceeded 3,000 tons (30,000 quintals), later settling between 2,000 and 3,000 tons annually. Pepper accounted for approximately a third of the total spice imports. The impact on other importers, led by Venice, was tremendous. The price rose from 110 ducats per quintal in 1501 to 34 in 1504, then settled at 22 ducats per quintal in subsequent years. The source price remained at around 2.5 ducats per quintal. This was a huge business for Portugal. All things considered (many ships were often lost en route, for example), the profit was close to 150%, with frequent peaks of 400%.
