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| Pepper price today, November 19, 2023, continues to increase, nearly 27% of Vietnamese pepper is exported to the world's number 1 economic market. (Source: Shutterstock) |
Pepper prices today, November 19, 2023, in the domestic market continued to increase in some key localities, trading from 68,000 - 71,000 VND/kg.
Specifically, pepper price today in Gia Lai is at 68,000 VND/kg.
Pepper prices today in Dong Nai province (68,000 VND/kg); Dak Nong, Dak Lak (69,000 VND/kg); Binh Phuoc (70,500 VND/kg) and Ba Ria - Vung Tau are at the highest level of 71,000 VND/kg.
The International Pepper Community (IPC) commented that the pepper market continued to have mixed reactions this week. After being reported to decrease in the past 2 weeks, Indian pepper prices have tended to increase this week. Domestic and international Indonesian pepper prices are stable.
According to the assessment, consumer demand in the last months of the year contributed to promoting markets to increase imports. According to preliminary data reported by the General Department of Customs, pepper exports in October 2023 reached 19,401 tons of pepper of all kinds, an increase of 1,290 tons, or 7.12%, compared to the previous month and an increase of 2,012 tons, or 11.57%, compared to the same period last year.
According to the Vietnam Pepper and Spice Association (VPSA), in October 2023, Vietnam exported 19,193 tons of pepper of all kinds, of which black pepper reached 17,096 tons and white pepper reached 2,097 tons. Total export turnover reached 72.7 million USD, black pepper reached 61.9 million USD, white pepper reached 10.8 million USD.
Compared to September, export volume increased by 15.4% and turnover increased by 17.3%. The average export price of black pepper in the month reached 3,664 USD/ton, white pepper reached 5,211 USD/ton, down 0.7% for black pepper and up 1.1% for white pepper compared to September.
Notably, the US market - the world's largest economy in October 2023 accounted for 26.9% of Vietnam's pepper exports, reaching 5,169 tons and up 34.5% over the previous month. Import growth was also recorded in India, up 31%, reaching 1,300 tons.
According to peppertrade , as the pepper market struggles to find support from abroad, raw material supplies in Vietnam were reported to have dropped 1.4% in the last week of October.
However, China's re-emergence prompted the market to stabilize at the opening on October 30.
Meanwhile, exporters remain on the sidelines as US and EU demand for spot materials remains elusive and most exports appear to be eyeing the new crop next year.
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