Pepper price today October 21, 2023, Vietnamese pepper exported to Hong Kong (China) suddenly skyrocketed; major markets reduced purchases

Pepper prices today in the domestic market remained stable in some key localities, trading from 67,500 - 70,500 VND/kg.

Pepper price today October 21, 2023, Vietnamese pepper exported to Hong Kong (China) suddenly skyrocketed; major markets reduced purchases. (Source: AdobeStock)

Pepper prices today in the domestic market remained stable in some key localities, trading from 67,500 - 70,500 VND/kg.

Specifically, pepper price today in Gia Lai is at 67,500 VND/kg.

Pepper prices today in Dong Nai province (69,500 VND/kg); Dak Nong, Dak Lak (69,000 VND/kg); Binh Phuoc (70,500 VND/kg) and Ba Ria - Vung Tau are at the highest level of 71,000 VND/kg.

According to the Vietnam Pepper and Spices Association (VPSA), in the first 15 days of October 2023, our country exported 7,023 tons of pepper, with a total export turnover of 27.2 million USD.

The US, Hong Kong (China) and China were the three main export markets in the first half of October with export volumes reaching 1,132 tons, 625 tons and 566 tons, respectively.

The main exporting enterprises in the first half of October include: Nedspice, Olam Vietnam, Tran Chau, Phuc Sinh and Harris Freeman...

Notably, in the first 15 days of October 2023, Hong Kong (China) imported 625 tons of pepper from Vietnam, while in the first 9 months of the year, this market was not even in the list of the top 30 markets importing pepper from Vietnam.

Recent data shows that the import price of pepper into Hong Kong in 2022 is USD 3.05/kg. Overall, the import price of pepper into this market has increased steadily at USD 0.15/kg per year over the past 5 years.

Based on this trend, it is likely that the import price of pepper into Hong Kong will continue to increase in the coming years, in 2023 it will be 3.20 USD/kg and in 2024 it is expected to be around 3.35 USD/kg.

Meanwhile, according to preliminary data report of the General Department of Customs, exports in the first half of October 2023 reached 8,068 tons of pepper of all kinds, with a turnover value of 31.29 million USD, bringing exports in the first 9.5 months of the year to 214,105 tons, up 18.04% in volume and down 10.45% in value over the same period last year.

Thus, the statistics of the two units differ by more than 1,000 tons.

According to the latest report of the Import-Export Department ( Ministry of Industry and Trade ), Vietnam's pepper exports in September 2023 to many markets increased by 2 to 3 digits compared to the same period last year, including: India, Germany, Netherlands, Philippines, Korea...

In contrast, pepper exports to the United Arab Emirates fell sharply. Exports to the US market increased in volume but still decreased in value.

In the first 9 months of 2023, pepper exports to most key markets decreased sharply compared to the same period last year, except for the Philippines.

In the world market, according to statistics from the International Trade Commission, in the first 8 months of 2023, Korea imported 3.26 thousand tons of pepper, worth 15.64 million USD, down 45.5% in volume and 45.8% in value compared to the same period last year.

In August 2023 alone, South Korea imported 681 tons of pepper, worth nearly 3 million USD, up 1.1% in volume, but down 0.9% in value compared to July 2023, up 80.6% in volume and 51.6% in value compared to August 2022.

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