Pepper price today, July 12, 2024 in the domestic market decreased slightly in some key localities, trading simultaneously at 153,000 VND/kg.
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| Pepper price today July 12, 2024, the market has seen a rare phenomenon, actual transactions are gloomy, export enterprises are under great pressure. (Source: Times of India) |
Pepper price today, July 12, 2024 in the domestic market decreased slightly in some key localities, trading simultaneously at 153,000 VND/kg.
Specifically, pepper price today in Gia Lai is at 153,000 VND/kg.
Pepper prices today in the provinces of Dong Nai (153,000 VND/kg); Dak Lak (153,000 VND/kg); Dak Nong (153,000 VND/kg); Ba Ria - Vung Tau (153,000 VND/kg) and Binh Phuoc (153,000 VND/kg).
Thus, domestic pepper prices today continued to decrease slightly in Dak Lak and Dak Nong, stable in the remaining key localities, a decrease of 1,000 VND/kg. Pepper prices are all at 153,000 VND/kg.
This is also a rare thing in recent years when pepper prices in all provinces are listed at the same price.
Economic experts believe that pepper prices will continue to increase, although in the short term there may be some downward adjustments, but they will not be too deep and the market has formed a new price level.
According to the assessment of some industry experts and representatives of pepper exporting enterprises, although pepper prices are at their highest level in the past 10 years, actual transactions are quite gloomy.
Vietnam and Brazil, the world’s two largest pepper producers, are both experiencing difficult harvests. The impact of El Nino and pests has led to low yields. Vietnam’s pepper output this year is estimated to have dropped by 10% to around 170,000 tonnes compared to last year, according to the Vietnam Pepper and Spice Association (VPSA).
Low output, high prices, and the situation of pepper growers selling “dripping” are putting great pressure on pepper exporting enterprises. Along with that, the recent sharp increase in sea freight rates has caused headaches for exporting enterprises because some have no goods to sell, while others have goods to sell but the more they sell, the more they lose.
Currently, businesses expect freight rates to stabilize after August. At the same time, pepper harvest in some major growing regions of Brazil such as Espirito Santos is expected to take place in August, followed by the Para region in November. However, due to unfavorable weather conditions, the harvest may be lower than last year, down about 25-30% compared to the previous crop.
The Import-Export Department (Ministry of Industry and Trade) forecasts that the increase in domestic pepper prices will push up pepper export prices and it is expected that the pepper industry will earn billions of USD in exports this year.
In the world market, at the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,166 USD/ton, up 0.15%; the price of Brazilian black pepper ASTA 570 at 7,150 USD/ton, down 0.35%; the price of Kuching black pepper (Malaysia) ASTA at 7,500 USD/ton.
Muntok white pepper price is 9,124 USD/ton, up 0.15%; Malaysian ASTA white pepper price is at 8,800 USD/ton.
Vietnam's black pepper price is trading at 6,000 USD/ton for 500 g/l; 550 g/l at 6,600 USD/ton; white pepper price at 8,800 USD/ton. IPC slightly adjusted up pepper prices in Indonesia.
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