Pepper price today February 2, 2024, the market is quiet before Tet, nearly 23% of Vietnamese pepper exports 'landed' in this country. (Source: Food Hacks) |
Pepper price today February 2, 2024 in the domestic market is stable in key localities, trading from 80,500 - 83,500 VND/kg.
Specifically, pepper price today in Gia Lai is at 80,500 VND/kg.
Pepper prices today in Dong Nai province (80,500 VND/kg); Dak Nong, Dak Lak (83,000 VND/kg); Ba Ria - Vung Tau (82,500 VND/kg) and Binh Phuoc (83,500 VND/kg).
Thus, pepper prices today are stable in most key growing areas, the highest price is 83,500 VND/kg recorded in Binh Phuoc . Summing up the first month of 2024, pepper prices increased by 500 - 2,000 VND/kg.
Vietnam is about to start the long Lunar New Year holiday, so during this time, the market is expected to be relatively quiet.
Normally, after Tet, Vietnam will enter the peak pepper harvest season. This is also the time when Chinese traders increase their search for sources of goods in Vietnam. In 2023, China imported more than 60,000 tons of pepper from Vietnam, the rest was imported from Indonesia and Cambodia. In addition, other markets will also have to start buying again despite the economic crisis.
Experts say that high demand from the European Union (EU) and US markets for immediate black pepper orders has contributed to the relatively stable growth of this market in recent times. Domestic pepper prices remain stable amid strong cash flow into coffee and pressure from the new crop in Vietnam. The prices of these two agricultural products are almost equal. Earlier this week, coffee prices in some areas were bought at VND80,000/kg, a price far exceeding many people's expectations.
Asia is Vietnam's largest pepper export market in 2023, accounting for 52.7% and compared to 2022, the export volume increased by 29.6%, of which China is the leader with 60,135 tons, accounting for 22.8% of Vietnam's export market share and increasing by 174.0%.
In the world market, Cambodia exported more than 6,000 tons of pepper to the international market in 2023, down nearly 27% compared to the previous year.
Mr. Mak Ny, President of the Cambodia Pepper and Spice Federation (CPSF), said that the global economic crisis has caused orders to decline.
In addition, low pepper prices have caused some farmers to hoard goods waiting for prices to rise, affecting purchases by export traders.
In 2023, pepper prices in Cambodia will average around 12,000 Riel ($2.9)/kg, down from 14,000 Riel ($3.42)/kg in 2022. However, by the end of 2023, pepper prices are expected to increase.
Vietnam is currently the largest consumer of Cambodian pepper, accounting for more than 80% of total exports, excluding Kampot pepper - a type of pepper with Geographical Indication (GI).
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