Domestic pepper price today
Pepper price today, July 15, 2024, in the Southeast region, transactions slowed down in some localities, trading around 150,400 VND/kg, the highest purchase price in Ba Ria - Vung Tau and Dak Nong provinces was 151,000 VND/kg.
Specifically, Dak Lak pepper price was purchased at 150,000 VND/kg, the same price as yesterday. Chu Se pepper price (Gia Lai) continued to stand at 150,000 VND/kg. Dak Nong pepper price today also remained stable at 151,000 VND/kg.
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| Pepper price today July 15, 2024: All levels have leveled off at the highest of 151,000 VND/kg |
In the Southeast region, pepper prices today also fluctuated similarly. Specifically, in Ba Ria - Vung Tau, copper prices were stable at 151,000 VND/kg; in Binh Phuoc, pepper prices today remained at 150,000 VND/kg.
Thus, the pepper price on the first day of the week is anchored at a relatively high price after many days of mixed increases and decreases. Currently, the pepper price is tending to move up to 152,000 VND/kg. In all localities, pepper prices are at 150,000 VND/kg or higher. The highest pepper price was recorded at 151,000 VND/kg.
Pepper prices this week have returned to their original position. In the first two days, pepper prices in some regions increased sharply by 3,000 VND/kg, in the next two days, they fluctuated slightly by 1,000 VND/kg in some localities, and in the last two days, they all decreased by 2,000 VND/kg.
According to the Department of Crop Production (Ministry of Agriculture and Rural Development), by the end of 2017, the country had 153,000 hectares of pepper. However, by 2023, the pepper growing area will be only 115,000 hectares due to oversupply in the previous cycle, causing pepper prices to drop, pepper growers to suffer heavy losses and be forced to destroy their gardens. This is causing pepper output to decrease rapidly, helping pepper prices to remain high.
The global pepper market is valued at 5.43 billion USD, with an average growth forecast of more than 20% in the period 2024 - 2032. Vietnam's current problem is how to stabilize pepper output at 170,000 - 190,000 tons to maintain the position of Vietnamese pepper in the world market.
The Vietnam Pepper and Spice Association (VPSA) believes that the core issue in maintaining pepper acreage and output is to ensure good prices for farmers so that they continue to stick with this crop.
Although pepper prices are around high levels, people are still not interested in expanding pepper cultivation areas again.
The Vietnam Pepper and Spice Association quoted experts as saying that signs of supply shortage compared to demand will continue to be recorded in the coming time until the crop season.
World pepper price today
At the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,211 USD/ton (up 0.96%); the price of Brazilian black pepper ASTA 570 at 7,150 USD/ton (down 1.37%); the price of Kuching black pepper (Malaysia) ASTA at 7,500 USD/ton.
Muntok white pepper price is 9,182 USD/ton (up 0.97%); Malaysian ASTA white pepper price is at 8,800 USD/ton.
Vietnamese black pepper prices remain at a high level, trading at 6,000 USD/ton for 500 g/l; 6,600 USD/ton for 550 g/l; white pepper prices at 8,800 USD/ton. IPC maintains pepper prices in Indonesia, Brazil, and Vietnam.
Domestic pepper price on July 15 , 2024
Province, city | Unit | Trader purchase price | Increase/decrease compared to yesterday |
Chu Se (Gia Lai) | VND/kg | 150,000 | - |
Dak Lak | VND/kg | 150,000 | - |
Dak Nong | VND/kg | 151,000- | - |
Binh Phuoc | VND/kg | 150,000 | - |
Ba Ria - Vung Tau | VND/kg | 151,000 | - |
Vietnam Pepper and Spice Association informed that in June 2024, Vietnam exported 28,162 tons of pepper of all kinds. Total export turnover reached 141.1 million USD. Compared to the previous month, the export volume decreased by 10.2%, but the turnover increased slightly by 0.1%.
Regarding export turnover, the Ministry of Agriculture and Rural Development forecasts that the pepper industry this year can regain the position of 1 billion USD.
Some businesses have turned to find pepper sources from other countries such as Brazil and India to have enough goods to pay for signed contracts, but the high USD exchange rate and the 2-3 times increase in sea transport costs have caused significant difficulties for pepper exporting businesses.
Although pepper prices are high, the trading market is quite gloomy. Export businesses have a headache because some have no goods to sell, while others have goods to sell but the more they sell, the more they lose.
In August, the market hopes that the shipping situation will stabilize again after the US increases tariffs on imported goods from China.
Farmers and pepper exporters in Vietnam need to closely monitor market information to make appropriate business decisions. Prices of other commodities such as coffee, cocoa, and durian are much more attractive than pepper prices, so farmers are not interested in expanding pepper growing areas.
Environmental protection regulations in the EU are increasingly strict, so the important thing now is to increase the quality of pepper for export, instead of expanding cultivation.
NedSpice predicts that global pepper acreage is expected to increase from 2025 onwards, but the crop currently lacks the competitive edge of coffee and durian.
*Information for reference only. Prices may vary depending on time and location.
Source: https://congthuong.vn/gia-tieu-hom-nay-1572024-dong-loat-chung-lai-gia-cao-nhat-151000-dongkg-332250.html
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