Pepper price today December 16, 2023, the market surprised, Vietnamese pepper exports to the US increased sharply

Pepper prices today, December 16, 2023, in the domestic market continued to increase sharply in some key localities, trading from 78,000 - 80,500 VND/kg.

Pepper price today December 16, 2023, the market surprised, Vietnamese pepper exports to the US increased sharply. (Source: Public Goods Blog)

Pepper prices today, December 16, 2023, in the domestic market continued to increase sharply in some key localities, trading from 78,000 - 80,500 VND/kg.

Specifically, pepper price today in Gia Lai is at 78,000 VND/kg.

Pepper prices today in Dong Nai province (78,000 VND/kg); Dak Nong, Dak Lak (80,500 VND/kg); Ba Ria - Vung Tau (80,000 VND/kg) and Binh Phuoc (80,500 VND/kg).

Thus, in the domestic market, pepper prices recorded 4 consecutive days of increase in key production areas, officially reaching 80,500 VND/kg.

According to data from the General Department of Customs, in November 2023, Vietnam's pepper exports to most traditional and potential markets increased compared to the same period last year, except for the Netherlands and Russia.

Notably, Vietnam's pepper export growth to some markets was recorded at a high level, increasing by 2 to 3 digits, including: the United States reached 5,528 tons, up 65.5%; India reached 1,263 tons, up 200.0%; South Korea reached 628 tons, up 122.7%; the UK reached 461 tons, up 109.5%...

In the first 11 months of 2023, Vietnam's pepper exports to the Indian market reached 11,866 tons, up 0.4%; the Philippines reached 7,173 tons, up 18.3%; Thailand reached 5,148 tons, up 5.9%... compared to the same period in 2022.

In contrast, pepper exports to the US market reached 48,783 tons, down 6.1%; the United Arab Emirates (UAE) reached 10,770 tons, down 23.3%; Germany 8,572 tons, down 7.7%; the Netherlands reached 7,174 tons, down 14.6%; Russia reached 5,286 tons, down 7.8%; South Korea reached down 14.2%, the UK reached 4,732 tons, down 4.5% compared to the same period in 2022.

In Vietnam, since 1997, the pepper growing area nationwide has increased continuously, from 9,800 hectares to 52,500 hectares (2004). In 2014, pepper prices peaked at over 200,000 VND/kg, leading to a rush of pepper growers. In 2018, Vietnam's pepper growing area reached its highest level of 152,000 hectares and the output in 2019 reached its highest level of nearly 300,000 tons.

However, in the following years, the pepper acreage continuously decreased due to abundant supply leading to continuous price reduction. In addition, people limited investment in care leading to reduced productivity. Climate change and disease also affected the maintenance of pepper garden acreage.

By 2022, according to the Ministry of Agriculture and Rural Development, Vietnam's pepper area will reach about 125,000 hectares.

In the world market, according to the Ministry of Agriculture, Forestry and Fisheries of Cambodia, nearly 6,000 tons of pepper products were exported to international markets in the first 11 months of 2023, down more than 30% compared to the same period in 2022.

The report stressed that the ongoing economic downturn has significantly affected international trade flows, leading to a decline in orders for many commodities, including pepper products.

Recorded from January 2023 to November 2023, Cambodia's pepper exports reached 5,805 tons, down 30.9% compared to 8,304 tons in 2022, of which the export volume in November 2023 was 197.17 tons.

Source