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| Pepper price today January 2, 2024, the market may soon enter a new growth cycle, domestic pepper prices will increase very high. (Source: Ptexim) |
Pepper price today January 2, 2024 in the domestic market is stable in some key localities, trading from 80,000 - 81,500 VND/kg.
Specifically, pepper price today in Gia Lai is at 80,000 VND/kg.
Pepper prices today in Dong Nai province (80,000 VND/kg); Dak Nong, Dak Lak (81,500 VND/kg); Ba Ria - Vung Tau (80,500 VND/kg) and Binh Phuoc (81,500 VND/kg).
Pepper prices today remained stable compared to the same time yesterday. The market was quiet during the New Year holiday, demand from import markets decreased, helping domestic traders lower purchasing prices to balance before the upcoming harvest.
In the last month of 2023, domestic pepper prices increased from 7,500 to 9,000 VND/kg. At times, the market exceeded 85,000 VND/kg, but was strongly pulled down by the sell-off at the peak. Experts assessed that, in addition to supply and demand factors, domestic pepper prices in December 2023 were greatly affected by speculators. The reason comes from the expected decrease in supply in the next crop.
In December 2023, the market fell twice right after conquering the 85,000 VND/kg mark. The previous decline brought the market below 80,000 VND/kg and then immediately rebounded. Experts say that this time the market will have a harder time recovering.
In 2023, domestic pepper prices increased by an average of VND 22,000/kg. At the beginning of this year, they were around VND 57,500 - 60,000/kg. Notably, in 2022, domestic pepper prices lost an average of VND 22,000/kg. The market in early 2024 is at the same starting level as in early 2022.
Experts say that the beginning of the 2023-2024 crop year could be the start of a new cycle. The scenario could repeat itself as in 2021, with prices rising sharply even during the harvest season and peaking at the end of the third quarter. The fourth quarter saw a slight decrease but still maintained a 50% growth rate compared to the beginning of the year. If the above scenario holds, domestic pepper prices in 2024 could reach VND120,000/kg.
Although the market situation this year and 2021 has many differences, experts say that in general, there is still concern about a decrease in supply. During the harvest, pepper growers are hoarding goods; traders "hold" goods, pushing the market up sharply.
According to the Vietnam Pepper and Spice Association (VPSA), there are currently more than 140 enterprises participating in pepper exports nationwide. Of which, the Association's member units account for 66.7% of the total export volume after 11 months with 162,686 tons, down 7.2% over the same period.
Enterprises outside the Association exported 81,165 tons, up 123.9% due to recovering demand from the Chinese market.
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