Pepper price today March 4, 2024, businesses increase purchases to push prices up, good news for Vietnamese pepper exports, expectations from the Chinese market

Pepper price today, March 4, 2024, in the domestic market increased slightly in some key localities, trading from 93,000 - 95,500 VND/kg.

Pepper price today March 4, 2024, businesses increase purchases to push prices up, good news for Vietnamese pepper exports, expectations from the Chinese market. (Source: SAM Agritech)

Pepper price today, March 4, 2024, in the domestic market suddenly increased slightly in some key localities, trading from 93,000 - 95,500 VND/kg.

Specifically, pepper price today in Gia Lai is at 93,000 VND/kg.

Pepper prices today in Dong Nai province (93,500 VND/kg); Dak Nong, Dak Lak (95,500 VND/kg); Ba Ria - Vung Tau (95,000 VND/kg) and Binh Phuoc (95,500 VND/kg).

Thus, following yesterday's increase, pepper prices today continued to increase slightly in localities such as Dak Nong, Dak Lak, Dong Nai, Binh Phuoc, an increase of 500 VND/kg. The highest pepper price was recorded in Dak Nong, Dak Lak and Binh Phuoc at 95,500 VND/kg.

According to many experts, in the next few months, pepper prices will continue to increase due to high demand while supply decreases compared to the same period in 2023. Many businesses are increasing purchases to ensure export progress, pushing prices up.

According to data from the General Statistics Office, pepper exports in February 2024 are estimated at 16 thousand tons, down 8.4% compared to the previous month and down 42.8% compared to the same period in 2023. Pepper export turnover in February 2024 reached 65.3 million USD, down 6.5% compared to the previous month and down 22.2% compared to the same period in 2023.

Accumulated in the first two months of 2024, pepper exports are estimated at 33.5 thousand tons, down 17.2% over the same period in 2023; turnover reached 135.2 million USD, up 6.5%.

The average export price of pepper in February 2024 increased for the second consecutive month, reaching 4,082 USD/ton, up 2% over the previous month and up 35.9% over the same period in 2023. The cumulative price in the first two months of 2024 reached 4,039 USD/ton, up 28.6% over the same period in 2023.

The International Pepper Association forecasts that global pepper prices will fluctuate in an upward trend in the first quarter of 2024 as global pepper output in 2024 decreases in major producing countries.

According to Ms. Hoang Thi Lien, President of the Vietnam Pepper and Spice Association, thanks to stable supply and guaranteed quality, Vietnamese pepper has advantages in penetrating markets. In particular, pepper exports to the Chinese market are expected to grow well this year. The country's annual pepper import demand is about 65-70 thousand tons.

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 3,896 USD/ton, up 0.13%; the price of Brazilian black pepper ASTA 570 at 4,400 USD/ton; the price of Kuching black pepper (Malaysia) ASTA remained at 4,900 USD/ton.

Muntok white pepper price is 6,142 USD/ton, up 0.11%; Malaysian ASTA white pepper price remains at 7,300 USD/ton.

Vietnam black pepper prices are trading at 3,900 USD/ton for 500 g/l, 4,000 USD/ton for 550 g/l; white pepper prices are at 5,700 USD/ton. IPC assessed that this week's pepper market continued to show mixed reactions, with only India reporting a decrease.

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