Pepper prices today, July 8, 2024, in the domestic market continued to increase in key localities, trading from 150,000 - 151,000 VND/kg.
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| Pepper price today July 8, 2024, price increased, growers are happy, no massive expansion of acreage, exports to the US continue to hold the 'throne'. (Source: Public Goods Blog) |
Pepper prices today, July 8, 2024, in the domestic market continued to increase in key localities, trading from 150,000 - 151,000 VND/kg.
Specifically, pepper price today in Gia Lai is at 150,000 VND/kg.
Pepper prices today in the provinces of Dong Nai (150,000 VND/kg); Dak Lak (151,000 VND/kg); Dak Nong (151,000 VND/kg); Ba Ria - Vung Tau (150,000 VND/kg) and Binh Phuoc (150,000 VND/kg).
Thus, domestic pepper prices continued to increase in key localities today, increasing by 1,000 - 2,000 VND/kg. The highest pepper price was recorded at 151,000 VND/kg.
According to statistics from the Ministry of Agriculture and Rural Development, pepper area and output are decreasing, in 2020 the area was more than 130,000 hectares, in 2023 it was only 120,000 hectares, output reached 190,000 tons. It is estimated that this year's pepper output will continue to decrease to only about 170,000 tons, the lowest level in the past 5 years.
According to the Vietnam Pepper and Spice Association (VPSA), in recent years, pepper prices have remained low, causing a decrease in acreage. Old pepper gardens have been replaced by other crops, especially durian.
In addition, this year's unusually hot and dry weather has caused output to continue to decline sharply. This year's output is expected to be only about 170,000 tons, down 10% compared to last year, the lowest level in the past 5 years.
Industry experts also warn that currently, durian profits are much higher than pepper. Therefore, pepper acreage may decrease as farmers cut down pepper and switch to durian.
This year, the high pepper price is a good thing for pepper farmers to make up for the years when the price was too low (2019 and 2020). However, VPSA also recommends that farmers should not massively expand the pepper growing area, but focus on investing and caring for the pepper plants in an intensive manner so that they can develop sustainably and stably.
VPSA reported that in June 2024, Vietnam exported 28,162 tons of pepper of all kinds, of which black pepper reached 24,988 tons and white pepper reached 3,174 tons. Total export turnover reached 141.1 million USD, black pepper reached 122.2 million USD and white pepper reached 18.9 million USD.
Compared to the previous month, the export volume decreased by 10.2%, however, the turnover increased slightly by 0.1%. The average export price of black pepper in June reached 5,067 USD/ton, white pepper reached 6,922 USD/ton, up 11.5% for black pepper and 13.4% for white pepper compared to the previous month.
Pepper exports to the US continued to account for the largest proportion in June, reaching 6,969 tons, down 9.4% compared to May. Next were the UAE markets: 2,749 tons, China: 2,582 tons, Germany: 1,994 tons, India: 1,240 tons...
On the other hand, in June 2024, Vietnam imported 1,950 tons, of which black pepper reached 1,134 tons and white pepper reached 816 tons, with a total import turnover of 8.5 million USD, compared to the previous month, the import volume decreased by 48.5%.
Imports from Indonesia increased by 45.1% to 946 tons, while imports from Cambodia decreased by 71.9% to 537 tons and imports from Brazil decreased by 86.2% to 135 tons.
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