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| Pepper price today October 5, 2023, the market is quiet, the US and China are still the largest customers of Vietnamese pepper. (Source: ElmarSpices) |
Pepper prices today in the domestic market continue to move sideways in some key localities, trading from 69,000 - 72,000 VND/kg.
Specifically, pepper price today in Gia Lai is at 69,000 VND/kg.
Pepper prices today in Dong Nai province (69,500 VND/kg); Dak Nong, Dak Lak (70,000 VND/kg); Binh Phuoc (71,000 VND/kg) and Ba Ria - Vung Tau are at the highest level of 72,000 VND/kg.
In August 2023, the amount of Vietnamese pepper exported to some major markets increased quite strongly compared to the previous month, such as the US increased by 34.3%, the United Arab Emirates (UAE) increased by 123.6%, India increased by 204.8%, the Philippines increased by 36.9%, Thailand increased by 26.6%, especially Egypt increased by 8.5 times and Pakistan increased by 9.7 times...
In contrast, China continued to decrease by 25.2%, Germany decreased by 32.7%, and the Netherlands decreased by 21.1%. However, in the first 8 months of 2023, China surpassed the US to become our country's largest pepper export market, with a volume of 53,792 tons, a sharp increase of 5.5 times over the same period last year.
With this result, China's market share increased to 28.6% in Vietnam's total pepper exports compared to 6% in the same period.
Meanwhile, the US fell to second place as Vietnam's largest pepper export market in the first eight months of the year with a volume of 33,728 tons, down 17.2% over the same period last year.
Despite many experts and organizations' comments on the upward trend of pepper in the medium and long term, the world pepper price has not yet improved. The harvest season just ended in Brazil and Indonesia has provided a significant amount to the market; the amount of pepper imported through unofficial channels has helped to "cool down" the fever in the Indian market recently; the amount of reserves in importing countries is still there... are the reasons holding back pepper prices. The market is still a tug of war between buyers and sellers.
The return of El Nino and the prospect of hotter, drier weather in producing countries are threatening to exacerbate supply shortages in commodities such as coffee and pepper.
This helped coffee and pepper have good increases in the middle of this year. However, according to experts, the above phenomenon happening to pepper is not really obvious.
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