Pepper price today, March 31, 2024, in the Central Highlands and Southeast regions continues to remain stable at 92,500 - 96,000 VND/kg.
In particular, pepper prices in the Central Highlands today continue to be stable as in the past days. Specifically, pepper prices in Chu Se (Gia Lai) continue to be purchased at 92,500 VND/kg; pepper prices in Dak Lak and Dak Nong remain at 96,000 VND/kg.
In the Southeast region, pepper prices today continue to fluctuate from 95,000 - 95,500 VND/kg. In particular, pepper prices in Ba Ria - Vung Tau are still purchased at 95,500 VND/kg, pepper prices in Binh Phuoc remain stable at 95,000 VND/kg, the same as yesterday's price.
Thus, today is the 7th consecutive day that pepper prices in key regions across the country have stagnated. Previously, pepper prices in the regions also fluctuated up and down erratically, however, the fluctuation range was not large, only about 2,000 - 3,000 VND/kg. Currently, localities have almost finished harvesting this year's pepper crop. Compared to last year, the sudden increase in pepper prices has helped growers make big profits.
According to preliminary data from the General Department of Vietnam Customs from March 1 to March 15, 2024, Vietnam exported 11,668 tons of pepper with a value of about 50.357 million USD. Accumulated to the end of the reporting period, 42,534 tons were exported, worth about 174.597 million USD.
According to the Vietnam Pepper and Spices Association (VPSA), Vietnam supplies about 50% of global pepper output, but due to a sharp decline in acreage, Vietnam's pepper output in 2024 is likely to be at its lowest level in many years.
According to VPSA, Vietnam's pepper output this year is forecast to decrease by 10% to 170,000 tons compared to last year, the lowest level in the past 5 years. Of which, Dak Nong accounts for 41.2%; Dak Lak accounts for 28.2%; Gia Lai accounts for 7.6%; Ba Ria Vung Tau accounts for 7.1%.
Domestic coffee prices
Domestic coffee prices tend to increase slightly compared to the previous trading session, an increase of about 100 - 300 VND/kg. Currently, the average purchase price in the Central Highlands provinces is 98,600 VND/kg, the highest purchase price in Dak Nong province is 98,700 VND/kg.
Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces is at 98,600 VND/kg; In Dak Nong province, coffee is purchased at the highest price of 98,700 VND/kg.
The price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha, coffee is purchased at 98,100 VND/kg.
Coffee prices today (March 31) in Dak Lak province; in Cu M'gar district, coffee is purchased at about 98,500 VND/kg, and in Ea H'leo district, Buon Ho town, it is purchased at the same price of 98,600 VND/kg.
According to experts, coffee prices have been increasing continuously since the beginning of 2024. When prices increase, farmers benefit, but if they increase too much, there will be a disruption in the supply chain.
According to statistics in the first quarter of 2024, Vietnam is expected to export nearly 600,000 tons of coffee with a turnover of about 1.9 billion USD, an increase of 3.1% in export quantity but an increase of 54.7% in export turnover. Of which, green coffee exports are the main, accounting for about 91% in output and about 85% in value. Although instant coffee and deeply processed products have increased in export, they are still at a low rate (turnover accounts for 15% of the total coffee export turnover of the country).
Currently, the addition of newly harvested coffee from Brazil and Indonesia is expected to temporarily overwhelm the monopoly from Vietnam, improving the world coffee supply, especially in major import markets that are in a state of depleted inventories such as the US and Europe.
The Vietnam Coffee and Cocoa Association (Vicofa) forecasts that Vietnam's coffee exports in the 2023/2024 crop year will decrease by 20% compared to the previous crop year, down to 1.336 million tons due to dry weather reducing coffee productivity and output.
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