Pepper prices today, June 28, 2024, in the domestic market are stable in key localities, trading from 144,000 - 146,000 VND/kg.
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| Pepper price today June 28, 2024, increasing demand, shortage of supply, Vietnamese pepper will dominate the world price trend. (Source: indigo-herbs.co.uk) |
Pepper price today, June 28, 2024 in the domestic market is stable in key localities, trading from 144,000 - 146,000 VND/kg.
Specifically, pepper price today in Gia Lai is at 145,000 VND/kg.
Pepper prices today in the provinces of Dong Nai (144,000 VND/kg); Dak Lak (146,000 VND/kg); Dak Nong (145,000 VND/kg); Ba Ria - Vung Tau (145,000 VND/kg) and Binh Phuoc (145,000 VND/kg).
Thus, domestic pepper prices today remained stable in key localities. The highest pepper price was recorded at 146,000 VND/kg.
Earlier this week, the market unexpectedly turned sharply down after a series of stable days. The recent decline was largely due to speculative activities of market participants, especially some agents who were receiving goods on consignment from farmers, now turning to squeeze prices to force farmers to close their deals early.
Many organizations and industry experts assess that with major pepper growing countries such as Brazil, Indonesia, etc. all experiencing crop failures, Vietnamese pepper will dominate the world pepper price trend in the coming months.
Statistics from the Ministry of Agriculture and Rural Development show that pepper area and output are decreasing, in 2020 the area was more than 130,000 hectares, in 2023 it was only 120,000 hectares, output reached 190,000 tons. It is estimated that this year's pepper output will continue to decrease to only about 170,000 tons, the lowest level in the past 5 years.
According to the Vietnam Pepper and Spice Association (VPSA), in recent years, pepper prices have remained low, causing acreage to decrease. Old pepper gardens have been replaced by other crops, especially durian.
In addition, this year's unusually hot and dry weather has caused output to continue to decline sharply. This year's output is expected to be only about 170,000 tons, down 10% compared to last year, the lowest level in the past 5 years.
Industry experts also warn that currently, durian profits are much higher than pepper. Therefore, pepper acreage may decrease as farmers cut down pepper and switch to durian.
This year, the high pepper price is a good thing for pepper farmers to make up for the years when the price was too low (2019 and 2020). However, VPSA also recommends that farmers should not massively expand the pepper growing area, but focus on investing and caring for the pepper plants in an intensive manner so that they can develop sustainably and stably.
In a recent interview with the press, Mr. Le Duc Huy - General Director of Simexco Daklak stated that the shortage of supply while demand is high is the main reason for the sharp increase in pepper prices recently.
In the long term, the demand for spices will increase while Vietnamese pepper has reached maturity, and the current price is still not enough to stimulate people to grow more.
Source: https://baoquocte.vn/gia-tieu-hom-nay-2862024-nhu-cau-ngay-cang-tang-thieu-hut-nguon-cung-tieu-viet-nam-se-chi-phoi-xu-huong-gia-tren-the-gioi-276596.html
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