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| Pepper price today July 3, 2023, stockpiles decrease, exports to many major markets decrease. (Source: Getty) |
Pepper prices today in the domestic market are stable in some key localities, trading from 66,500 - 70,000 VND/kg.
Specifically, today's pepper price in Gia Lai is the lowest in the market at 66,500 VND/kg.
Pepper prices today in Dong Nai province (67,500 VND/kg); Dak Nong, Dak Lak (67,500 VND/kg); Binh Phuoc (69,000 VND/kg) and Ba Ria - Vung Tau are at the highest level of 70,000 VND/kg.
Global pepper prices in general and Vietnam in particular continued to be gloomy this week, in the context of a sharp decrease in exports to China in June, and information about increased new crop output. In addition, there is also the impact of the global financial and monetary situation when the USD is strong, amid speculation about the Fed continuing to raise interest rates.
However, before that, in May 2023, Vietnam's pepper exports to the Chinese market remained high, while other major markets such as the US, United Arab Emirates (UAE), Germany, the Netherlands... showed signs of increasing again.
Specifically, the amount of pepper exported to the Chinese market in May increased by 2.6% compared to the previous month to 10,255 tons; to the US increased by 41%, reaching 5,459 tons; to the UAE increased by 137.1%, reaching 1,679 tons; to Germany increased by 10.1%, reaching 1,047 tons; to the Netherlands increased by 11.4%,...
However, in general, in the first 5 months of the year, except for the strong recovery of the Chinese market, Vietnam's pepper exports to many other major markets tended to decrease.
Accordingly, China has risen to the number one position in our country's pepper export market in the first 5 months of the year with a record volume of 46,169 tons, worth 98.8 million USD, an increase of nearly 18 times (1,669%) in volume and 12 times in value compared to the same period last year.
China's complete reopening of its border since the beginning of this year after nearly three years of closure to fight the pandemic has helped Vietnam's pepper exports to this market recover.
In terms of market share, China currently accounts for 35.1% of Vietnam's total pepper export volume, a sharp increase compared to the modest figure of 2.6% in the same period last year.
In the global market, the new harvest of Indonesia is about to start, which will be the focus of the market in the first months of the third quarter of this year. The country's production and sales will affect the purchasing volume of European and American importers. These markets are assessed to have delayed purchases in the first months of the year, and have used up a fair amount of their reserves.
Last year, Indonesia recorded the highest decline in production, with a decrease of about 22% compared to 2021. This year, the IPC forecasts the country's production to continue to decrease by another 15%.
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