Will the shock continue?

Pepper prices are forecast to increase sharply again on August 31, 2024. According to many experts, the increase in pepper prices in the domestic market is not as expected due to low demand from the Chinese market. Pepper prices have increased sharply, but sellers are not in a hurry. Many growers have not sold yet but choose to wait for prices to increase further.

Vietnam’s inventory is estimated to be around 30%, equivalent to 50,000 – 55,000 tons. However, in the first half of this year, Vietnam’s traditional purchasing markets imported a large amount of pepper. This means that they are not in a hurry to buy more and are waiting.

Although the supply shortage continues, pepper prices will hardly increase as sharply as at the beginning of the year. Pepper prices will likely remain at this level in the coming time. Farmers still expect prices to increase dramatically again, but this is very difficult.

Pepper price forecast August 31, 2024: Will there be a continued shocking increase?

In the domestic market, pepper prices today, August 30, 2024, in the Southeast region are stable compared to yesterday, trading around 142,000 - 143,500 VND/kg, the highest purchase price in Dak Lak province is 143,500 VND/kg.

Accordingly, the price of Dak Lak pepper was purchased at 143,500 VND/kg, unchanged from yesterday. The price of Chu Se pepper (Gia Lai) was purchased at 143,000 VND/kg, stable compared to yesterday. The price of Dak Nong pepper today was recorded at 143,000 VND/kg, unchanged from yesterday.

In Binh Phuoc, pepper price today is at 142,000 VND/kg, unchanged from yesterday. In Ba Ria - Vung Tau, it is currently at 142,000 VND/kg, unchanged from yesterday;

Update on world pepper prices today from the International Pepper Association (IPC), at the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 7,560 USD/ton, up 0.44%, and the price of Muntok white pepper at 8,901 USD/ton, up 0.43%.

Brazilian ASTA 570 black pepper prices remained stable at USD 6,450/ton. Malaysian ASTA black pepper prices remained stable at USD 8,500/ton; the country’s ASTA white pepper prices reached USD 10,400/ton.

Vietnam black pepper price is traded at 6,100 USD/ton for 500 g/l, up 4.92%; 550 g/l at 6,500 USD/ton; white pepper price at 8,800 USD/ton.

Vietnam's inventory is estimated to be around 30%, equivalent to 50,000 - 55,000 tons. However, in the first half of this year, Vietnam's traditional purchasing markets imported a large amount of pepper, so they are not in a hurry to buy more and continue to wait.

In the first 7 months of 2024, Vietnam imported 19,857 tons of pepper of all kinds, with a turnover of 80.3 million USD. Preliminary statistics of VPSA show that the imported volume was mainly black pepper at 17,443 tons and white pepper at 2,414 tons.

Enterprises importing a lot of pepper in the first 7 months of the year include: Olam Vietnam (7,317 tons), Tran Chau (2,087 tons) and KSS Vietnam (1,025 tons). Vietnam imports pepper mainly from Brazil (7,322 tons), Cambodia (6,485 tons) and Indonesia (4,211 tons).

Compared to the same period last year, imports from Brazil decreased by 32.3%, while those from Cambodia and Indonesia increased sharply by 121.5% and 103%, respectively.

After Chu Se (Gia Lai province), Loc Ninh is the second locality in the country to be granted a collective trademark certificate for pepper and is also the first agricultural product of Binh Phuoc to have intellectual property registration.

This is the direction of the Government's sustainable agricultural development restructuring program, contributing to sustainable economic development in Binh Phuoc. Loc Ninh has contributed to making Vietnam a "pepper kingdom" with more than 30% of the world's output and 50% of the export market share.

Domestic pepper price on August 30, 2024

*Information for reference only. Prices may vary depending on time and location.

Source: https://congthuong.vn/du-bao-gia-tieu-3182024-lieu-co-tiep-tuc-tang-soc-342532.html