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| Pepper price today February 3, 2024, the leading cause of price increase pressure, pepper plants are under great competitive pressure. (Source: Daily News) |
Pepper prices today, February 3, 2024, in the domestic market continued to move sideways in key localities, trading from 80,500 - 83,500 VND/kg.
Specifically, pepper price today in Gia Lai is at 80,500 VND/kg.
Pepper prices today in Dong Nai province (80,500 VND/kg); Dak Nong, Dak Lak (83,000 VND/kg); Ba Ria - Vung Tau (82,500 VND/kg) and Binh Phuoc (83,500 VND/kg).
Thus, pepper prices today are stable in most key growing areas, the highest price is 83,500 VND/kg recorded in Binh Phuoc.
According to information on KT&DT , Mr. Hoang Phuoc Binh, Vice President of Chu Se Pepper Association, Gia Lai province, said that the fact that pepper price has remained stable at over 80,000 VND/kg for many days and is likely to maintain this price until Tet is a good thing.
According to him, during the Lunar New Year, pepper prices often drop because farmers increase sales to have money to spend during the holiday. Taking advantage of that opportunity, many businesses also try to find ways to push pepper prices down.
However, this year, low inventories and forecasts of lower output have caused farmers to hold more of their stocks. The decline in global pepper production is the leading cause that is putting pressure on pepper prices.
Vietnamese pepper prices are expected to be more positive after the Lunar New Year, when Chinese traders increase their purchasing power in the market, especially at the beginning of the second quarter of each year.
Although pepper prices are forecast to increase, pepper plants in the Central Highlands and Southeast provinces are facing great competitive pressure from other crops, especially durian. In recent times, many pepper gardens have been cut down by farmers to replace them with this fruit tree.
According to Ms. Hoang Thi Lien, President of the Vietnam Pepper and Spice Association, it is inevitable that farmers will switch from pepper to durian, as the profit from durian is currently much higher than that from pepper. However, farmers should only replace pepper with durian or other crops in areas where the land is degraded or has so many pests and diseases that it cannot be replanted. Pepper gardens that are still doing well should be retained because this is a sustainable crop that brings long-term economic efficiency.
In the world market, according to data from the US International Trade Commission (USITC), the country's pepper imports in November 2023 reached 5,859 tons, down 1.7% compared to the previous month and down 6% compared to the same period in 2022.
Thus, this is the 9th consecutive month that US pepper imports have decreased compared to the same period last year, but the decrease is gradually narrowing.
In the first 11 months, US pepper imports decreased by 23.7% in volume (19,512 tons) and 30.1% in value compared to the same period in 2022, reaching 62,840 tons, worth 288.3 million USD.
The leading pepper export markets to the US in the first 11 months of 2023 included Vietnam with 78% market share, India with 9%, Indonesia with 5% and Brazil with 3%.
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