Pepper price today October 22, 2023, negative outlook, Vietnam sharply reduces imports, top 3 businesses buy the most

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

Pepper price today October 22, 2023, negative outlook, Vietnam sharply reduces imports, top 3 businesses buy the most. (Source: The Hindu Business Line)

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 Spice Association (VPSA), in the first 15 days of October 2023, Vietnam imported 809 tons of pepper, of which black pepper reached 776 tons and white pepper reached 33 tons, with a total import turnover of 2.5 million USD.

Lien Thanh, Haprosimex and KSS Vietnam are the three main importers. Brazil and Indonesia are the two countries that mainly supply pepper to Vietnam.

Compared to the same period last month, pepper exports remained stable, while imports decreased sharply. In the first 18 days of September 2023, Vietnam imported 1,792 tons of pepper.

Aiming towards sustainable exports, the Association encourages members in enterprises, especially those with the capacity, to continue investing in technology to promote deep processing.

In addition, to build a brand, it is necessary for exporters and processors to be directly associated with raw material areas to work directly with farmers, thereby managing production and ensuring quality requirements associated with sustainability and traceability.

The next step is for this business to be bold and consider investing in branding. This is an inevitable trend and the branding problem will have to be linked to proactively sourcing goods. Therefore, there is no other way but to join hands with sustainable partners in the supply chain when linking with manufacturers and exporters to bring goods to foreign markets.

In the world , the International Pepper Community (IPC) assessed that the pepper market this week showed a negative outlook. Even though Indian pepper prices are currently being positively assessed, they have stagnated this week. Meanwhile, Indonesian and Brazilian pepper prices have been announced to be adjusted down consecutively.

According to the latest report of the Import-Export Department (Ministry of Industry and Trade), in August 2023, the average import price of pepper into Korea reached 4,390 USD/ton, down 2% compared to July 2023 and down 16% compared to August 2022.

In the first 8 months of 2023, the average import price of pepper into Korea reached 4,795 USD/ton, down 0.5% over the same period last year. In particular, the average import price of pepper into Korea decreased from most major sources, except the US.

Regarding the supply structure, in the first 8 months of 2023, Korea imported pepper mainly from Vietnam, with a volume of approximately 2.97 thousand tons, worth 13.33 million USD, down 44.6% in volume and 46.4% in value compared to the same period last year.

Vietnam's pepper market share in total imports of South Korea increased from 89.51% in the first 8 months of 2022 to 91.01% in the first 8 months of 2023.

Source