Pepper price today, September 3, 2024, in the domestic market continued to increase sharply in key localities, trading from 149,000 - 150,000 VND/kg.
 |
| Pepper price today September 3, 2024: Extending the strong growth streak, reaching an important milestone, supply sharply decreasing globally. (Source: Food and Wine) |
Pepper price today, September 3, 2024, in the domestic market continued to increase sharply in key localities, trading from 149,000 - 150,000 VND/kg.
Specifically, pepper price today in Gia Lai is at 149,000 VND/kg.
Pepper prices today in the provinces of Dong Nai (149,000 VND/kg); Dak Lak (150,000 VND/kg); Dak Nong (150,000 VND/kg); Ba Ria - Vung Tau (149,000 VND/kg) and Binh Phuoc (150,000 VND/kg).
Thus, continuing the increase of yesterday, domestic pepper prices today increased sharply in key localities, increasing from 3,500 - 5,000 VND/kg. This is the third consecutive day of increase in the market. The highest pepper price regained the mark of 150,000 VND/kg.
The domestic market has increased over the past three days mainly due to concerns about scarce supplies when transactions resume after the National Day holiday. Prolonged drought has led to a 10% decrease in Vietnam's pepper output last crop year compared to last year, down to about 170,000 tons, the lowest level in the past five years.
According to a recent report from the Import-Export Department (Ministry of Industry and Trade), world pepper prices are forecast to remain high in the coming time.
“Brazil is currently the second largest producer and exporter of black pepper in the world after Vietnam, accounting for 17-18% of the total global supply. Therefore, the continuous crop failure in this country will have an impact on the market, expected to push global pepper prices up in the last months of 2024 when pepper supply from other major producing countries such as Vietnam, Malaysia, Indonesia, etc. also decreases,” the Import-Export Department commented.
Many major producing countries are also forecast to see a decline in production due to the impact of the El Nino phenomenon and a decrease in cultivated area.
The current high price is encouraging farmers to invest in and care for pepper for the new crop, and even expand the area. However, the results of expanding the area will have to wait 3-4 years to show results.
This year, pepper farmers in Cambodia are experiencing a mixed situation of joy and worry as pepper prices increase but output decreases.
According to data from the Cambodian Ministry of Commerce, in the first half of 2024, the country's pepper exports reached 25 million USD, tripled (219%) over the same period last year.
Mr. Mak Ny, President of the Cambodia Pepper and Spice Federation (CPSF), said that pepper prices have increased significantly since the beginning of this year, providing much-needed support to farmers. Prices have reached $6,000 per ton, up about $3,000 per ton from last year.
“The price increase is definitely good news for our farmers,” Ny said, adding that the CPSF is closely monitoring the situation and working with relevant agencies to determine the cause of the decline in production area.
The decline in pepper cultivation area could be due to recent adverse weather conditions, pests or diseases; this could make it difficult for exports later this year and next year. Vietnam is the largest buyer of Cambodian pepper, accounting for more than 90% of the country's total exports, according to khmertimeskh .
Comment (0)