Pepper price today June 2, 2023, market growth impressive, conquering new milestones, forecasting many difficulties

Pepper prices today in the domestic market are stable in some key localities, trading from 72,500 - 75,500 VND/kg.

Pepper price today June 2, 2023, the market has grown impressively, conquering new milestones, forecasting many difficulties. (Source: Fresh Harvest)

Pepper prices today in the domestic market are stable in some key localities, trading from 72,500 - 75,500 VND/kg.

Specifically, today's pepper price in Gia Lai is the lowest in the market at 72,500 VND/kg.

Pepper prices today in Dong Nai (73,000 VND/kg); Dak Nong, Dak Lak (74,000 VND/kg); Binh Phuoc (75,000 VND/kg) and Ba Ria - Vung Tau provinces are at the highest level of 75,500 VND/kg.

In the world market, at the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Vietnamese black pepper at 3,500 USD/ton for 500 g/l, 550 g/l at 3,600 USD/ton; the price of white pepper at 5,000 USD/ton.

By the end of May 2023, domestic pepper prices increased by an average of VND 5,500 - 6,000/kg. In April 2023, domestic pepper prices increased by about VND 2,500 - 4,000/kg.

Pepper market continued to have an impressive growth month, amid concerns about reduced supply in leading producing countries. In addition, purchases from China continued to be a supporting factor for the market.

In May 2023, purchasing units continuously had batches of goods. This pushed the domestic market to conquer the 70,000 and 75,000 VND/kg marks. At the end of the month, the purchasing power decreased along with the strong USD, causing the market to adjust slightly down, but then increased again shortly after.

According to the latest report of the Import-Export Department (Ministry of Industry and Trade), in the first days of May 2023, the export prices of black pepper and white pepper were stable and tended to increase compared to the end of April 2023.

A survey at Indonesia’s Lampung ASTA port on May 18 showed that the export price of black pepper increased by 25 USD/ton compared to April 28, reaching 3,612 USD/ton. At Muntok port, the export price of white pepper was recorded at 6,144 USD/ton, an increase of 63 USD/ton compared to April 28.

According to a survey on May 18 at ports in Ho Chi Minh City, Vietnam, the export prices of 500g/l and 550g/l black pepper increased by USD 225/ton and USD 275/ton, respectively, compared to the end of April 2023, to USD 3,500/ton and USD 3,600/ton. Similarly, the export price of white pepper increased by USD 170/ton compared to the end of April 2023, to USD 5,000/ton.

Meanwhile, in Brazil, the export price of black pepper reached 2,950 USD/ton on May 19, stable compared to the end of April 2023.

The above Department forecasts that the world pepper market will still face difficulties in the remaining period of the second quarter of 2023 due to slowing consumption demand in major economies such as the European Union (EU), the US, the UK, Japan, etc.

Economic difficulties, high inflation, prolonged geopolitical tensions, and financial market instability are believed to be the reasons for the decline in pepper consumption demand. However, on the contrary, increased consumption demand from China is a factor that helps support the market.

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