Pepper price today October 25, 2023, suddenly changed direction, Vietnam pepper industry strives to maintain its No. 1 position globally

Pepper prices today in the domestic market decreased slightly in some key localities, trading from 67,000 - 70,500 VND/kg.

Pepper price today October 25, 2023, suddenly changed direction, Vietnam pepper industry strives to maintain its number 1 position globally. (Source: indigo-herbs.co.uk)

Pepper prices today in the domestic market decreased slightly in some key localities, trading from 67,000 - 70,500 VND/kg.

Specifically, pepper price today in Gia Lai is at 67,000 VND/kg.

Pepper prices today in Dong Nai province (68,500 VND/kg); Dak Nong, Dak Lak (68,500 VND/kg); Binh Phuoc (70,000 VND/kg) and Ba Ria - Vung Tau are at the highest level of 70,500 VND/kg.

Thus, after a few days of sideways movement, domestic pepper prices suddenly turned around and decreased slightly. The market is under downward pressure as coffee enters the harvest season, capital flows to this agricultural product.

Since 2020, Vietnam's pepper growing area has remained stable at around 130,000 hectares with output ranging from 180,000 tons to 200,000 tons. Currently, with more than 100,000 farmers participating in pepper production, 200 exporters and about 35 processing factories, Vietnam is the largest pepper producing and exporting country in the world , accounting for over 40% of output and 60% of the world's pepper export market share.

To maintain its position, Vietnam is gradually shifting towards sustainable pepper production, in which organic production is focused and encouraged to develop. The Central Highlands and the Southeast are the two largest pepper producing regions in the country.

Currently in these two regions, farmers have a strong tendency to switch from traditional methods to organic farming, forming organic pepper production areas.

In the world market, according to statistics from the US International Trade Commission (USITC), pepper imports in July continued to decrease for the fifth consecutive month compared to the same period last year, down to 6,659 tons, a decrease of 21.3%. Accumulated to the end of July, pepper imports in the US reached only 40,316 tons, a decrease of 25.7% compared to the same period last year.

According to Royal Golden General Trading's October 2023 pepper market report, the Brazilian market has remained stable over the past few weeks with the local currency under pressure to depreciate against the USD. Accordingly, the value of the Brazilian real has decreased from 0.3% to 0.7%.

Overall, the pepper market in Brazil is showing good signs, but exporters' concerns about rising pepper production and transportation costs could balance market prices.

According to records, Brazil exported about 7,244 tons of pepper in September, with an export volume of about 57,652 tons in the first 9 months of the year, 4% lower than the same period last year.

Vietnam remained the top importer of Brazilian pepper, importing about 11,867 tons from the first quarter to the third quarter, down about 9% year-on-year. The UAE followed, importing about 5,464 tons, down about 19% year-on-year.

At the same time, Germany and the US both reduced pepper imports by about 60% and 92% respectively due to stricter import regulations due to the Salmonella problem.

The 51st Annual General Meeting of the International Pepper Community (IPC) and the International Spice Exhibition are approaching, scheduled from 6-9 November at the Pullman Kuching Sarawak Hotel, Malaysia. The event is expected to attract international guest speakers who are prestigious figures in the global pepper industry.

This year, speakers at the event will discuss recent updates in the global pepper industry as well as strategic ideas for the industry's future and direction.

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