Pepper price today July 1, 2023, the market is on the decline, many unfavorable factors, export enterprises need to be careful

Pepper prices today in the domestic market continued to decline in some key localities, trading from 67,000 - 70,000 VND/kg.

Pepper price today July 1, 2023, the market is on the decline, many unfavorable factors, export enterprises need to be careful. (Source: Khmer Times)

Pepper prices today in the domestic market continued to decline in some key localities, trading from 67,000 - 70,000 VND/kg.

Specifically, today's pepper price in Gia Lai is the lowest in the market at 67,000 VND/kg.

Pepper prices today in Dong Nai (67,500 VND/kg); Dak Nong, Dak Lak (68,000 VND/kg); Binh Phuoc (69,000 VND/kg) and Ba Ria - Vung Tau provinces are at the highest level of 70,000 VND/kg.

Thus, in June 2023, the domestic market decreased by 5,500 VND/kg. In May 2023, domestic pepper prices increased by an average of 5,500 - 6,000 VND/kg. In April 2023, domestic pepper prices increased by about 2,500 - 4,000 VND/kg.

The market has had a month of decline after a period of continuous increase. Overall, since the beginning of the year, domestic pepper prices have increased by 10,000 VND/kg. Currently, the agricultural market is on a downward trend in the context of slowing exports and the psychology of waiting for the new harvest in Indonesia.

Along with that, the recovering USD and the prediction of an upcoming interest rate hike weighed on corporate operations, making the market gloomy.

The Vietnam Pepper and Spices Association (VPSA) recommends that businesses need to consider and be alert, carefully assessing their financial capacity when signing large-volume contracts for long-distance delivery at low prices because when other countries enter the season, prices will drop; and when prices increase, they will not buy enough for long-distance delivery, facing risks and losses as happened in the 2022 crop season, affecting business reputation.

Also according to VPSA, in May 2023, Vietnam imported 2,315 tons of pepper, down 2.3% compared to April 2023.

By the end of May, Vietnam had imported 12,499 tons of pepper of all kinds, compared to the same period last year, the import volume decreased by 27.1%, equivalent to 4,642 tons. Of which, black pepper reached 11,610 tons, white pepper reached 889 tons.

According to records, the three main countries supplying pepper to Vietnam in the first five months of this year include: Brazil with 7,682 tons, up 38.8% and accounting for 61.5% of the market share; Cambodia with 2,101 tons, down 68.9% and accounting for 16.8%; Indonesia with 1,592 tons, down 45% and accounting for 12.7% of the market share.

The main importers of Vietnam's pepper market include Olam Vietnam with 4,890 tons, down 31.7%, accounting for 39.1% of the market share. Next is Tran Chau's import of 1,867 tons, up 23.5%, and Nedspice with 1,490 tons, up 204.7%.

Source