The increasing streak continues, supply is scarce, prices will stay high

Pepper prices today, August 23, 2024, in the Southeast region increased sharply, recording the largest increase of 2,000 VND/kg, trading around 144,000 - 145,000 VND/kg, the highest purchase price in Dak Lak and Dak Nong provinces was 145,000 VND/kg.

Accordingly, Dak Lak pepper price is purchased at 145,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday. Chu Se pepper price (Gia Lai) is purchased at 144,000 VND/kg, an increase of 2,000 VND compared to yesterday. Dak Nong pepper price today is recorded at 145,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday.

In the Southeast region, pepper prices today increased by 1,000 - 2,000 VND/kg compared to yesterday. Specifically, in Ba Ria - Vung Tau, it is currently at 144,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday; in Binh Phuoc, pepper prices today are at 144,000 VND/kg, an increase of 2,000 VND/kg compared to yesterday.

Pepper price today August 23, 2024: The series of increasing days continues, supply is scarce, prices will stay high. Photo: VNA

Thus, pepper prices increased for the fourth consecutive day today, with a uniform increase of 1,000 - 2,000 VND/kg, bringing the price to a new high of 145,000 VND/kg in Dak Lak and Dak Nong areas.

World pepper price today

Update on world pepper prices from the International Pepper Association (IPC), at the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 7,478 USD/ton, down 0.79% compared to yesterday, the price of Muntok white pepper down to 8,804 USD/ton, down 0.80%.

The price of Brazilian ASTA 570 black pepper remained stable at USD 6,300/ton. The price of Malaysian ASTA black pepper continued to stand firm at USD 8,500/ton; the price of this country's ASTA white pepper reached USD 10,400/ton.

Vietnam black pepper price is traded at 5,800 USD/ton for 500 g/l; 550 g/l at 6,200 USD/ton; white pepper price at 8,500 USD/ton.

In an article on the website of the Association of Foreign Investment Enterprises, Mr. Phan Minh Thong - General Director of Phuc Sinh Group said that although Brazil's output has increased, pepper from this country is not popular worldwide.

With the US and Europe imposing restrictions, Vietnam has emerged as the largest importer of Brazilian pepper. This is due to Vietnam’s advanced processing plants, which allow them to add value and sell processed products at higher prices, similar to the approach taken with Indonesian pepper. The perception of Vietnamese agricultural products as inferior has changed, especially in the pepper and coffee sectors.

International tourists flock to Vietnam to buy pepper, causing the price of Vietnamese pepper to rise. The high price encourages farmers to invest time and money in pepper gardens.

As of now, domestic pepper prices are 140-142 million VND/ton. With gold and USD at current levels, very few people are selling pepper. In 2024, prices of agricultural products such as coffee, pepper, rice and cashew nuts will increase, bringing great joy to farmers.

However, the lesson learned is to avoid overproduction to prevent past tragedies. It is important to manage price increases wisely and focus on sustainable development in the pepper industry. VPSA aims to prioritize stabilizing pepper acreage, focusing on solutions to improve quality, and diversifying processed products with high added value.

Domestic pepper price on August 23, 2024