Pepper price today November 25, 2023, assessment of the time of the new price increase cycle, growers want to hoard goods, traders worry about stockpiling

Pepper prices today, November 25, 2023, in the domestic market continued to move sideways in some key localities, trading from 69,000 - 72,000 VND/kg.

Giá tiêu hôm nay 25/11/2023, nhận định thời điểm chu kỳ tăng giá mới, người trồng muốn găm hàng, thương lái lo tích trữ

Pepper price today November 25, 2023, assessment of the time of the new price increase cycle, growers want to hoard goods, traders worry about stockpiling. (Source: britannica)

Pepper prices today, November 25, 2023, in the domestic market continued to move sideways in some key localities, trading from 69,000 - 72,000 VND/kg.

Specifically, pepper price today in Gia Lai is at 69,500 VND/kg.

Pepper prices today in Dong Nai province (69,000 VND/kg); Dak Nong, Dak Lak (70,500 VND/kg); Binh Phuoc (72,000 VND/kg) and Ba Ria - Vung Tau are all at the highest level of 72,000 VND/kg.

According to experts, the beginning of the 2023-2024 crop year could be the start of a new cycle. The scenario could repeat itself as in 2021, with prices rising sharply even during the harvest and peaking at the end of the third quarter, and then falling slightly in the fourth quarter but still maintaining a 50% growth rate compared to the beginning of the year.

Although the market situation this year and 2021 have many differences, experts say that the common point is still the concern about the decrease in supply. During the harvest, pepper growers are hoarding goods; traders "hold" goods, waiting for prices to increase further. In fact, the small amount of new crop products on the market has caused a local shortage of pepper supply at some points.

The Vietnam Pepper and Spices Association (VPSA) said that the 2024 pepper crop will begin in 2 months in the Dak Nong region, which is considered the most important region of Vietnamese pepper today.

The flood situation in July is expected to affect the upcoming pepper harvest, combined with the predicted El Nino phenomenon occurring at the end of the year, which could lead to a decrease in Vietnam's pepper output in 2024 compared to 2023.

According to the general assessment of businesses, pepper output in the 2023-2024 crop year is expected to decrease by 10-15% to 160,000-165,000 tons due to the trend of shifting to growing other fruit trees with more economic efficiency.

Typically, in Dak Lak province, some businesses said that the area is mainly concentrated in Cu Kuin, Ea H'leo, Chu M'gar, Krong Nang, where people grow a lot of durian intercropped with it, because the pepper is old and dead and people do not grow more.

In many places, people are hesitant about whether to switch to growing durian or coffee after the 2024 harvest. According to a survey of VPSA member businesses, Dak Lak still has 30 - 70% of the area depending on the region.

In Dak Nong, the garden situation is still stable, however the area has been narrowed, interspersed with coffee and durian.

In the world market, it is recorded that Brazil exported about 7,376 tons of pepper in October 2023, bringing the total output to about 65 thousand tons in the first 10 months of 2023, down about 6% compared to the level recorded in the same period last year.

Of which, Vietnam is still the leading pepper importer from Brazil with about 13.7 thousand tons, followed by UAE 6.1 thousand tons, Morocco 5.4 thousand tons, Senegal 5.2 thousand tons, Pakistan 5.1 thousand tons.

Both Vietnam and the UAE had low import rates, around 12% and 18% respectively compared to imports recorded last year.

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