Signs of cooling down, but the future is still full of potential

Domestic pepper prices continued to decrease slightly in the trading session on October 18, 2024, reflecting the gloomy picture of the pepper export market, especially to China.

Accordingly, pepper prices in key regions such as Dak Lak, Gia Lai and Dak Nong all decreased by VND500/kg compared to yesterday, trading around VND144,000 - VND144,500/kg. In the Southeast region, pepper prices remained stable at VND144,000/kg.

This decline is believed to be due to the impact of China increasing pepper imports from Indonesia, making it difficult for the Vietnamese pepper market to export. However, some pepper growing areas have shown positive signs as pepper prices have started to increase again, signaling a potential recovery.

The international pepper market also did not have many fluctuations. According to the International Pepper Community (IPC), the price of Indonesian Lampung black pepper reached 6,773 USD/ton; the price of Muntok white pepper reached 9,272 USD/ton. The price of Brazilian ASTA 570 black pepper was at 6,400 USD/ton. The price of Malaysian ASTA black pepper remained stable at 8,700 USD/ton; the price of this country's ASTA white pepper reached 11,200 USD/ton.

Today, Vietnam's black pepper price is trading at 6,500 USD/ton for 500 g/l; 550 g/l at 6,800 USD/ton; white pepper price at 9,500 USD/ton.

Pepper price forecast October 19, 2024: Signs of cooling down, but the future is still full of potential

However, besides the difficulties, Vietnam's pepper industry still has bright spots.

One of the bright spots is the development of organic pepper growing models. Binh Phuoc, one of the major pepper growing regions in Vietnam, is recording breakthroughs in organic pepper cultivation. Many farmers have switched to organic production, reaping “sweet fruit” with stable productivity, good quality and effective environmental protection.

This model is opening a new direction for the Vietnamese pepper industry, both sustainable in cultivation and stable income for pepper growers. With the current higher price than previous years and the assessment of the signal that Vietnam's pepper exports will still receive price support in the coming time, farmers in localities in the country tend to replant this once "black gold" plant.

This is clearly shown in the new pepper planting situation in some provinces. Farmers in Binh Phuoc, Binh Dinh and many other provinces are tending to expand pepper growing areas, hoping to gain high profits from this potential crop.

However, for the Vietnamese pepper industry to develop sustainably, there needs to be synchronous and long-term solutions. The government needs to have policies to support farmers in converting to organic farming, while at the same time stepping up trade promotion to find new consumption markets for Vietnamese pepper products.

With advantages in quality and reputation, the Vietnamese pepper industry still has great potential for development. In addition, the dynamism of pepper growers and the bright spots of the organic farming model are also the driving force to help the Vietnamese pepper industry overcome difficulties and grow strongly in the future.

*Information for reference only.

Source: https://congthuong.vn/du-bao-gia-tieu-ngay-19102024-dau-hieu-giam-nhet-nhung-tuong-lai-van-day-tiem-nang-353334.html