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| Pepper price today November 1, 2023, exporters are still on the sidelines, demand exceeds supply, prices may increase. (Source: Getty) |
Pepper prices today in the domestic market decreased slightly in some key localities, trading from 65,500 - 68,500 VND/kg.
Specifically, pepper price today in Gia Lai is at 65,500 VND/kg.
Pepper prices today in Dong Nai province (66,500 VND/kg); Dak Nong, Dak Lak (67,000 VND/kg); Binh Phuoc (68,000 VND/kg) and Ba Ria - Vung Tau are at the highest level of 68,500 VND/kg.
According to preliminary statistics from the General Statistics Office, pepper exports in October 2023 decreased for the second consecutive month, reaching 17,000 tons, down 6.1% compared to September and down 2.2% compared to the same period in 2022. The turnover reached 62 million USD, down 7.8% compared to September and down 5.8% compared to the same period in 2022.
Accumulated in the first 10 months of 2023, pepper exports reached 223 thousand tons, up 16.2% over the same period in 2022; turnover reached 745 million USD, down 11%.
The average export price of pepper in October 2023 continued to decrease, reaching 3,663 USD/ton, down 1.7% compared to September and down 3.7% compared to the same period in 2022. In the first 10 months of 2023, the average export price of pepper reached 3,339 USD/ton, down 23.4% compared to the same period in 2022.
Royal Golden’s pepper market report said exporters remained on the sidelines as demand from the US and the European Union (EU) remained elusive for spot shipments. Most buyers were eyeing the new crop next year.
In Indonesia, the market is slightly down due to the depreciation of the local currency. But Muntok's inventory is not promising, with volumes likely only enough for local consumption.
In Brazil, although prices are better than in other countries, the current situation is not good. The country is experiencing a severe drought in history due to lack of rain. Next year's harvest in Para is reported to be poor. In addition, logistics make it difficult to receive goods.
The pepper market is likely to remain sluggish in the remaining months of the year as importers have almost fully purchased their stocks at the moment. However, with Vietnam’s output forecast to fall by 15% next year, global pepper demand is likely to outstrip supply and push prices up next year.
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