Pepper price today December 27, 2023, continues to increase, pepper is expected to regain its position as a billion-dollar export industry

Pepper price today, December 27, 2023, in the domestic market increased sharply in some key localities, trading from 80,500 - 84,000 VND/kg.

Pepper price today, December 27, 2023, continues to increase, pepper is expected to regain its position as a billion-dollar export industry. (Source: Spice Factors)

Pepper prices today, December 27, 2023, in the domestic market increased sharply in some key localities, trading from 80,500 - 84,000 VND/kg.

Specifically, pepper price today in Gia Lai is at 80,500 VND/kg.

Pepper prices today in Dong Nai province (81,000 VND/kg); Dak Nong, Dak Lak (83,500 VND/kg); Ba Ria - Vung Tau (81,000 VND/kg) and Binh Phuoc (84,000 VND/kg).

Thus, domestically, the market recorded the second consecutive day of increase, with a relatively large increase, from 1,000 - 2,000 VND/kg in localities.

The Import-Export Department ( Ministry of Industry and Trade ) said that the price of black pepper in the domestic market has been increasing continuously, signaling a poor harvest next year. Although China's import demand has weakened, demand from Europe and the US has increased.

In Vietnam, early harvest will begin in late December 2023, while peak harvest will begin in January 2024. Weather conditions are generally favorable.

By November 30, 2023, Vietnam had exported 243,851 tons of pepper of all kinds, of which black pepper reached 218,299 tons and white pepper reached 25,552 tons. Total export turnover reached 828.9 million USD. Thus, this is the 6th consecutive year that Vietnam has missed the billion-dollar export target of this item.

However, Vietnam continues to maintain its position as the world's largest pepper exporter, accounting for about 60% of the market share, far surpassing the second-placed country, Brazil, by 73,300 tons, worth 227.7 million USD.

Notably, Vietnam is the only country that recorded an increase in export volume while other leading producing countries such as Brazil, Indonesia, India, Cambodia, etc. all saw a decrease.

In the context of demand from major markets such as the US and EU showing signs of recovery, domestic and export pepper prices have continuously increased again recently, pepper is expected to regain its position as a billion-dollar export industry in 2024.

According to data from the US International Trade Commission (USITC), the US imported 5,958 tons of pepper in October, up 23.9% from the previous month but down 10.8% from the same period last year. This is the eighth consecutive month that the country's pepper imports have decreased compared to the same period last year.

In the first 10 months of the year, US pepper imports reached 56,981 tons, worth 261.2 million USD, down 25.1% in volume and 31.2% in value compared to the same period last year.

Vietnam was the largest pepper supplier to the US market in the 10-month period, with a volume of 44,139 tons, down 20.9% year-on-year. However, Vietnam's market share in total US imports still increased to 78% compared to 73% in the same period.

Import volume from other major markets also decreased: India reached 5,087 tons, down 5%; Indonesia reached 3,177 tons, down 48%; Brazil reached 1,828 tons, down 68.4%...

The demand for pepper imports in the US is expected to increase again in the coming time as inflation is cooling down and consumer spending is increasing.

Source