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| Pepper price today February 6, 2024, many difficulties for the Vietnamese pepper industry, export forecast for 2024. (Source: Haprosimex) |
Pepper price today, February 6, 2024, in the domestic market remained stable in some key localities, trading from 80,500 - 83,500 VND/kg.
Specifically, pepper price today in Gia Lai is at 81,000 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 (83,000 VND/kg) and Binh Phuoc (83,500 VND/kg).
Thus, pepper prices today are stable in some key growing areas, the highest price of 83,500 VND/kg was recorded in Binh Phuoc.
Pepper exports in 2024 are forecast to be favorable in terms of price. Vietnam's pepper output in the 2024 crop is forecast to decrease, although the world economic situation still has many potential risks. However, businesses are forced to buy reserves to compensate for previous supply shortages. This is believed to be the reason for the sharp increase in pepper prices.
In the coming time, the pepper industry is forecast to face many difficulties. Currently, shipping rates show no signs of cooling down in the short term as tensions in the Red Sea continue to increase, putting pressure on the global supply chain.
The second difficulty comes from fierce competition between pepper producing countries, especially Brazil. Brazil's pepper prices are always lower than Vietnam's, so it is willing to sell at a price of 300-500 USD/ton.
Next, according to the Vietnam Pepper and Spice Association (VPSA), the US and Europe are tightening pesticide residue limits (MRLs) on pepper. For Europe, businesses are no longer unfamiliar with it, but the US is preparing to apply MRLs that are almost organic pepper. If in the next 2 to 3 years the US applies MRLs at the standards set by ASTA (American Spice Trade Association), Vietnam will have difficulty exporting 35,000 - 40,000 tons of pepper to the US each year.
MRLs on Vietnamese pepper are higher than those of Indonesia and Brazil. Although Brazil is having some problems with Salmonella and Anthraquinone compounds in dried pepper, they can solve these problems. At that time, it will be more difficult for Vietnamese pepper, especially for the European market, VPSA warned.
In 2023, world pepper prices tended to increase in the first half of the year, but then stabilized and decreased in some countries in the following months, before increasing again in the last month of the year.
In December 2023 alone, black pepper prices in Vietnam and Brazil increased by 8-9%, while Indonesia decreased by 3.1%.
Updated to the first half of January 2024, black pepper prices in key producing countries around the world generally did not fluctuate much compared to the end of 2023, but increased quite strongly compared to the same period last year.
As of January 15, 2024, the price of Brazilian black pepper fluctuated at 3,270 USD/ton, an increase of 25.8% over the same period in 2023.
In Vietnam, black pepper prices are fluctuating at 3,900 - 4,000 USD/ton for 500 g/l and 550 g/l, up about 20% over the same period. Lampung black pepper prices in Indonesia also increased by about 10% to 3,931 USD/ton.
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