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| Pepper price today October 16. (Source: Getty) |
Pepper prices today in the domestic market are stable in some key localities, trading from 69,000 - 72,500 VND/kg.
Specifically, pepper price today in Gia Lai is at 69,000 VND/kg.
Pepper prices today in Dong Nai province (70,000 VND/kg); Dak Nong, Dak Lak (70,500 VND/kg); Binh Phuoc (72,000 VND/kg) and Ba Ria - Vung Tau are at the highest level of 72,500 VND/kg.
The price of Vietnamese black pepper is trading at 3,500 USD/ton for 500 g/l, 3,600 USD/ton for 550 g/l; the price of white pepper is at 5,100 USD/ton. IPC has continuously adjusted the price of pepper in Indonesia in recent days.
According to the General Statistics Office, in the first 8 months of 2023, Vietnam's pepper export volume reached 183,900 tons, up 14.5% over the same period in 2022; turnover reached 600 million USD, down 15.9% over the same period in 2022.
Vietnam's average pepper export price in August increased for the third consecutive month and reached the highest level in the past 10 months, reaching 3,748 USD/ton, up 0.5% compared to July, but down 7.9% compared to the same period last year.
In the first 8 months of 2023, the average export price of Vietnam's pepper reached 3,263 USD/ton, down 26.5% over the same period in 2022. With 183 thousand tons exported, equal to the output of the whole crop this year, according to experts, there is not much inventory left in the domestic market.
According to Ms. Hoang Thi Lien, the Vietnam-EU Free Trade Agreement (EVFTA) has created many opportunities, but exports and market expansion have not yet reached their potential due to the high and strict conditions and standards of the European Union (EU) in terms of quality, traceability and food safety. Not to mention the impact of the Covid-19 pandemic and the global economic crisis caused by the conflict in Eastern Europe.
“Due to the impact of the Covid-19 pandemic in 2020 - 2021, in 2022, Vietnam's pepper export turnover to the EU decreased, but the market share reached 17.1%, only slightly lower than the 18.2% in 2021,” said Ms. Lien.
It can be said that compared to Brazil, Vietnam still maintains an immediate advantage, but in the long term, it needs to continue to improve quality and exploit different market segments because the EU continuously updates and strengthens the application of sanitary and quarantine measures, green growth criteria and sustainable development for imported agricultural products.
Therefore, in addition to the competitive advantage in price, Ms. Hoang Thi Lien recommends that Vietnamese enterprises need to aim to compete by satisfying strict requirements and criteria from the EU to maintain their position and at the same time participate more deeply in other markets.
Enterprises can consider from a comprehensive perspective such as improving factories and processing facilities, production processes; diversifying products; updating market information including tariff incentives, quarantine and food safety requirements, technical barriers, rules of origin, green growth criteria.
In the world market, the harvest in Indonesia has begun and lasts from July to September, Indonesia's pepper output in 2023 is expected to be lower than in 2022. In this country, farmers are increasingly less interested in pepper because of its lower productivity than other crops, leading to a gradual decrease in output and export volume over the years.
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