Buying power will return, pepper prices will stay high?

Pepper prices are forecast to skyrocket on September 2, 2024. According to data compiled by the Ministry of Agriculture and Rural Development, in the first 8 months of 2024, the total export turnover of agricultural, forestry and fishery products reached 40.08 billion USD, and imports were 28.28 billion USD. Thus, the trade surplus of the agricultural sector was 11.8 billion USD, an increase of 68.4%.

The average export price of some export items also increased, of which pepper was 4,810 USD/ton, up 47%.

In the domestic market, pepper prices today, September 1, 2024, in the Southeast region increased by 500 - 1,000 VND compared to yesterday, trading around 144,000 - 146,000 VND/kg, the highest purchase price in Dak Lak province is 146,000 VND/kg.

Pepper price forecast September 2, 2024: Buying power will return, will pepper prices stay high?

Accordingly, the price of Dak Lak pepper was purchased at 146,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday. The price of Chu Se pepper (Gia Lai) was purchased at 144,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday. The price of Dak Nong pepper today was recorded at 145,500 VND/kg, an increase of 1,000 VND/kg compared to yesterday.

In Binh Phuoc, pepper price today is 145,500 VND/kg, an increase of 500 VND/kg compared to yesterday. In Ba Ria - Vung Tau, it is 145,500 VND/kg, an increase of 1,000 VND/kg compared to 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 7,529 USD/ton, and the price of Muntok white pepper at 8,865 USD/ton.

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; 550 g/l at 6,500 USD/ton; white pepper price at 8,800 USD/ton.

Commenting on the market from now until the end of the year, the Chu Se Pepper Association (Gia Lai province) said that it is forecasted that the price increase cycle will continue. Because if the next pepper crop, even if it is a little better than the last crop, it will not be able to make up for the pepper acreage that has been lost in the past and is still being lost.

The Chu Se Pepper Association believes that Vietnam is at the end of its inventory from previous years. Businesses said that out of 10 tons of pepper they bought, about 3-4 tons were old pepper, stored for 2-3 years.

Thus, if the stock runs out, pepper will be in serious shortage. That means that the supply will be short in the near future. The pepper price increase cycle is forecast to continue, according to the Chu Se Pepper Association.

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

Source: https://congthuong.vn/du-bao-gia-tieu-292024-luc-mua-se-tro-lai-gia-tieu-se-o-muc-cao-342879.html