Pepper prices today, August 23, 2024, in the domestic market continued to increase sharply in key localities, trading from 142,000 - 144,000 VND/kg.
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| Pepper price today August 23, 2024: Extending the increase streak, high demand, scarce supply, prices will stay high. (Source: arabstuffs.com) |
Pepper prices today, August 23, 2024, in the domestic market continued to increase sharply in key localities, trading from 142,000 - 144,000 VND/kg.
Specifically, pepper price today in Gia Lai is at 142,000 VND/kg.
Pepper prices today in the provinces of Dong Nai (142,000 VND/kg); Dak Lak (144,000 VND/kg); Dak Nong (144,000 VND/kg); Ba Ria - Vung Tau (143,000 VND/kg) and Binh Phuoc (142,000 VND/kg).
Thus, following the previous day's increase, domestic pepper prices today continued to rise in most key localities, increasing by 2,000 - 3,000 VND/kg. The highest pepper price was at 144,000 VND/kg.
Currently, pepper supply is limited globally due to the impact of El Nino. In the long term, in the next 3-5 years, the amount of pepper produced will not be able to meet the world's consumption demand.
The Vietnam Pepper and Spices Association (VPSA) forecasts that pepper prices will continue to increase as demand in the world market remains high, while supply is limited.
In an article on the website of the Association of Foreign Investment Enterprises, Mr. Phan Minh Thong - General Director of Phuc Sinh Group said that although Brazil's output has increased, pepper from this country is not popular worldwide.
With the US and Europe imposing restrictions, Vietnam has emerged as the largest importer of Brazilian pepper. This is due to Vietnam’s advanced processing plants, which allow them to add value and sell processed products at higher prices, similar to the approach taken with Indonesian pepper. The perception of Vietnamese agricultural products as inferior has changed, especially in the pepper and coffee sectors.
International tourists flock to Vietnam to buy pepper, causing the price of Vietnamese pepper to rise. The high price encourages farmers to invest time and money in pepper gardens.
As of now, domestic pepper prices are 140-142 million VND/ton. With gold and USD at current levels, very few people are selling pepper. In 2024, prices of agricultural products such as coffee, pepper, rice and cashew nuts will increase, bringing great joy to farmers.
However, the lesson learned is to avoid overproduction to prevent past tragedies. It is important to manage price increases wisely and focus on sustainable development in the pepper industry. VPSA aims to prioritize stabilizing pepper acreage, focusing on solutions to improve quality, and diversifying processed products with high added value.
At the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,537 USD/ton, up 0.16%; the price of Brazilian black pepper ASTA 570 at 6,300 USD/ton, up 1.98%; the price of Kuching black pepper (Malaysia) ASTA at 8,500 USD/ton.
Muntok white pepper price is 8,874 USD/ton, up 0.15%; Malaysian ASTA white pepper price is at 10,400 USD/ton.
Vietnam black pepper price is trading at 5,800 USD/ton for 500 g/l; 550 g/l at 6,200 USD/ton; white pepper price is at 8,500 USD/ton. IPC increased pepper prices in Indonesia and Brazil compared to yesterday.
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