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| Pepper price today December 12, 2023, reasons for pepper price increase, optimistic assessment of market trend. (Source: Times of India) |
Pepper prices today, December 12, 2023, in the domestic market are stable in some key localities, trading from 74,500 - 77,000 VND/kg.
Specifically, pepper price today in Gia Lai is at 75,000 VND/kg.
Pepper prices today in Dong Nai province (74,500 VND/kg); Dak Nong, Dak Lak (76,000 VND/kg); Ba Ria - Vung Tau (77,000 VND/kg) and Binh Phuoc (77,000 VND/kg).
Thus, in the domestic market, after 6 consecutive days of increase, the market entered a stable day.
Last week, the Vietnam Pepper and Spice Association (VPSA) officially announced import-export figures for November 2023 and the past 11 months. Overall, the export volume has far exceeded the combined output and import volume. There are still nearly 2 months until the new crop of pepper can hit the market. Until then, exports will still depend on the amount of inventory in stock.
Notably, last week, the International Pepper Community (IPC) continued to adjust Vietnam's pepper export price up by another 100 USD/ton.
Pepper prices have been increasing continuously in recent times due to the high demand for imported goods to serve the year-end festival season from other countries. Commenting on the market this week, pepper industry experts are optimistic about the increase and the price may reach 80,000 VND/kg.
In November 2023, Vietnam exported 20,273 tons of pepper of all kinds. Total export turnover reached 78.1 million USD, black pepper reached 65.2 million USD, white pepper reached 12.9 million USD. Compared to the previous month, export volume increased by 5.6%, turnover increased by 7.4%. The average export price of black pepper in November reached 3,732 USD/ton, white pepper reached 5,077 USD/ton.
By the end of November 2023, Vietnam had exported 243,851 tons of pepper of all kinds. It is expected that the whole year will export 260,000 tons, exceeding last year. According to estimates from the Ministry of Industry and Trade, Vietnam's pepper exports in 2022 will reach 226,000 tons, worth 963 million USD.
According to the latest report of the Import-Export Department (Ministry of Industry and Trade), in the first 9 months of 2023, the Netherlands imported pepper from Vietnam at approximately 5.44 thousand tons, worth nearly 22.96 million EUR (equivalent to 24.95 million USD), down 35.3% in volume and 46.1% in value compared to the same period last year.
However, Vietnam's pepper market share in the Netherlands' total imports from the non-EU market in the first 9 months of 2023 was relatively stable, at 64.56%.
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