Pepper price today, August 15, 2024, in the Southeast region increased by 1,500 - 2,000 VND/kg in some localities compared to yesterday, trading around 139,000 - 140,000 VND/kg, the highest purchase price in Dak Lak and Dak Nong provinces is 140,000 VND/kg.
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| Pepper price today August 15, 2024: Continuing strong increase, new price zone is established |
Specifically, Dak Lak pepper price is purchased at 140,000 VND/kg, a slight increase of 1,500 VND compared to yesterday. Chu Se pepper price (Gia Lai) is purchased at 140,000 VND/kg, an increase of 2,000 VND compared to yesterday. Dak Nong pepper price today is recorded at 140,000 VND/kg, an increase of 1,500 VND/kg compared to yesterday.
In the Southeast region, pepper prices today increased by 1,500 VND/kg compared to yesterday. Specifically, in Ba Ria - Vung Tau, it is currently at 139,500 VND/kg, an increase of 1,500 VND/kg compared to yesterday; in Binh Phuoc, pepper prices today are at 139,000 VND/kg, an increase of 1,500 VND/kg compared to yesterday.
Thus, pepper price today, August 15, increased slightly by 1,500 VND/kg in some localities in key growing areas, recording the highest price of 140,000 VND, fluctuating in the price range of 139,000 - 140,000 VND/kg.
Domestic pepper price on August 15, 2024
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Vietnam’s major agricultural products, including coffee, pepper and rice, are facing risks in exports to the European Union (EU), as well as seeing a decline in exports to China. Faced with these challenges, Vietnam’s agricultural sector needs to find ways to adapt to maintain its position in the international market.
According to information from the Vietnam National Sanitary and Phytosanitary Information and Enquiry Point (SPS Vietnam), the EU will start implementing new regulations on maximum residue levels (MRLs) from February 2025.
The list of products affected by the new regulation includes many key agricultural products such as coffee, pepper, rice, along with durian, banana, mango and vegetables such as onions, garlic, and chili. These products are not only Vietnam's main exports to the EU but have also contributed significantly to the country's total export turnover for many years.
World pepper price today
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 7,424 USD/ton, up 1.21%, and the price of Muntok white pepper at 8,741 USD/ton, up 1.21%.
Brazilian ASTA 570 black pepper prices remained stable at USD 6,175/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's black pepper price remains at a high level of 5,800 USD/ton for 500 g/l; 550 g/l at 6,200 USD/ton; white pepper price at 8,500 USD/ton...
The pepper market this year has had too many fluctuations, unlike every year. However, in general, pepper is about to enter a price increase cycle. This cycle is not 5-7 years but maybe 10 years.
This is due to the market mechanism and supply and demand. However, it is very difficult to predict the exact price of pepper in the coming period.
The newly released 2024 pepper status report of the Vietnam Pepper and Spice Association said that according to Decision No. 431/QD-BNN-BNNPTNT of the Ministry of Agriculture & Rural Development dated January 26, 2024 on approving the project to develop key industrial crops to 2030, in which pepper is planned for the whole country: 80,000 - 100,000 hectares.
In terms of advantages, pepper is an agricultural crop with a long history of development, closely associated with the lives of many generations of people in the Central Highlands provinces and has become a concentrated commodity production industry, meeting all export conditions in the world market.
Provinces have issued policies to encourage agricultural development in general and high-tech agriculture in particular to support production development and increase value, including pepper.
Regarding difficulties, the application of technical processes for planting, caring for and harvesting, and the application of scientific and technical advances for ethnic minority areas are still limited.
Infrastructure is not yet guaranteed and is still backward. Production is still too dependent on nature. In addition, mechanisms, policies and solutions for sustainable pepper development have not been effectively implemented in actual production.
The large fluctuations in pepper prices lead to many risks. From now until the time before the new crop (around January of the solar calendar), there will be a shortage of goods, but how much the shortage is, and whether businesses can endure until the new crop or not, no one can judge. Because pepper has a characteristic that it can be stored year after year.
According to experts, pepper prices have increased again this year, but people are not under pressure to sell early like in previous years because coffee and durian prices have both increased, and many households have stable incomes.
*Information for reference only. Prices may vary depending on time and location.
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