According to forecasts, pepper prices on November 1 tend to decrease due to limited supply and demand from markets showing no signs of strong recovery.
According to the Center for Industry and Trade Information - Ministry of Industry and Trade, the unstable global economic situation is negatively affecting the demand for pepper consumption in many countries. Rising inflation and the risk of economic recession in many countries are causing consumers to tighten their spending, reducing the demand for non-essential items such as pepper.
In the short term, the pepper market is expected to continue to face many fluctuations. Pepper prices may remain stable or decrease slightly due to limited supply and no signs of strong recovery in demand.
In the domestic market, pepper prices today in the Southeast region are stable compared to yesterday, trading around 143,000 - 144,500 VND/kg; the highest purchase price is in Dak Nong and Dak Lak provinces.
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| Pepper price forecast for November 1, 2024: Consumption demand has not recovered, pepper prices tend to plummet |
Accordingly, the price of Dak Lak pepper was purchased at 144,500 VND/kg, unchanged from yesterday. The price of Chu Se pepper (Gia Lai) was purchased at 143,000 VND/kg, stagnant from yesterday. The price of Dak Nong pepper today was recorded at 144,500 VND/kg, unchanged from yesterday.
In the Southeast region, pepper prices today have not fluctuated compared to yesterday. Specifically, in Binh Phuoc, pepper prices today are at 143,000 VND/kg, maintaining the same trend compared to yesterday. In Ba Ria - Vung Tau, it is currently at 144,000 VND/kg, also slowing down following the general trend compared to yesterday.
Update on world pepper prices 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 6,680 USD/ton, up 0.18% compared to yesterday, the price of Muntok white pepper at 9,144 USD/ton, up 0.17% compared to yesterday.
The price of Brazilian ASTA 570 black pepper is at 6,400 USD/ton. The price of Malaysian ASTA black pepper is at 8,500 USD/ton; the price of this country's ASTA white pepper is at 11,000 USD/ton.
In particular, the price of Vietnamese black pepper is stable at 6,500 USD/ton for 500 g/l; 550 g/l at 6,800 USD/ton; and white pepper price at 9,500 USD/ton.
According to the Vietnam Pepper and Spice Association (VPSA), some pepper gardens in Ba Ria - Vung Tau are currently in the fruiting stage, preparing to harvest around mid-January 2025.
According to the Project on developing key industrial crops by 2030, Dak Nong province aims to maintain the pepper growing area of about 33,600 hectares, while improving product quality.
To achieve this goal, the locality will focus on converting old, low-quality pepper areas to other crops with higher economic value, suitable to the natural conditions of each locality.
Dak Nong has established and developed an additional pepper production area applying high-tech agriculture, bringing the total number of pepper production areas applying high technology in the province to 3. Expanding the area of pepper production in the organic direction, concentrated in key districts of the province.
*Information for reference only. Prices may vary depending on time and location.
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