Pepper price today December 17, 2023, price increase is not a good sign, market lacks reserves

Pepper prices today, December 17, 2023, in the domestic market continued to increase sharply in some key localities, trading from 79,500 - 82,000 VND/kg.

Pepper price today December 17, 2023, price increase is not a good sign, the market is short of reserves. (Source: britannica)

Pepper prices today, December 17, 2023, in the domestic market continued to increase sharply in some key localities, trading from 79,500 - 82,000 VND/kg.

Specifically, pepper price today in Gia Lai is at 79,500 VND/kg.

Pepper prices today in Dong Nai province (79,500 VND/kg); Dak Nong, Dak Lak (82,000 VND/kg); Ba Ria - Vung Tau (81,500 VND/kg) and Binh Phuoc (82,000 VND/kg).

Thus, in the domestic market, pepper prices recorded 5 consecutive days of increase in key production areas, officially reaching 82,000 VND/kg.

Experts say that the Vietnamese market is showing signs of a shortage of reserves, while export demand in the lean months has yet to make up for it. This is the main reason why pepper prices have increased sharply since early December 2023.

Compared to the end of November 2023, domestic pepper prices increased by VND10,000/kg. There are about 2 months left before the new crop of pepper will hit the market. From now until then, export volume will still depend on domestic reserves.

According to the Vietnam Pepper and Spices Association (VPSA), black pepper prices in the domestic market in early December 2023 continuously increased, signaling a not-so-optimistic harvest next year.

Although China's import demand weakened, demand from Europe and the United States increased again, causing prices to increase sharply.

According to the latest report of the Import-Export Department ( Ministry of Industry and Trade ), in the first 11 months of 2023, Vietnam's pepper exports reached 245.66 thousand tons, worth 833.2 million USD, up 18% in volume, but down 7.1% in value compared to the same period in 2022.

The Import-Export Department cited statistics from the International Trade Center (ITC) saying that in the first 10 months of 2023, South Korea imported approximately 4.54 thousand tons of pepper, worth 21.47 million USD, down 27.1% in volume and 32.3% in value compared to the same period last year.

In the first 10 months of 2023, the average import price of pepper from Korea to the world reached 4,732 USD/ton, down 7.1% over the same period last year. In particular, the average import price of pepper from Korea decreased from most sources, except the United States.

South Korea imported pepper from 20 countries and territories around the world. Of which, imports were mainly from Vietnam, reaching 4.1 thousand tons, worth 18.2 million USD, down 26.4% in volume and 33.5% in value compared to the same period last year.

Vietnam's pepper market share in total imports of South Korea increased slightly from 89.59% in 10 months of 2022 to 90.47% in 10 months of 2023.

In contrast, South Korea increased pepper imports from the Malaysian market in the first 10 months of 2023, up 5.7% in volume, but down 8.8% in value, reaching 340 tons, down to 1.91 million USD.

Source