Pepper price today June 29, 2024, the reason why the price is unlikely to drop deeply is not China, this is the largest export market for Vietnamese pepper

Pepper prices today, June 29, 2024, in the domestic market suddenly increased sharply in key localities, trading from 157,000 - 160,000 VND/kg.

Pepper price today June 29, 2024, the reason why the price is unlikely to drop deeply is not China, this is the largest market for Vietnamese pepper exports. (Source: Pixabay)

Pepper prices today, June 29, 2024, in the domestic market suddenly increased sharply in key localities, trading from 157,000 - 160,000 VND/kg.

Specifically, pepper price today in Gia Lai is at 157,000 VND/kg.

Pepper prices today in the provinces of Dong Nai (157,000 VND/kg); Dak Lak (160,000 VND/kg); Dak Nong (160,000 VND/kg); Ba Ria - Vung Tau (158,000 VND/kg) and Binh Phuoc (160,000 VND/kg).

Thus, domestic pepper prices today unexpectedly increased sharply in key localities, with a high increase of 12,000 - 15,000 VND/kg. The highest pepper price was recorded at 160,000 VND/kg.

Domestic pepper prices have recovered strongly in the context of Vietnamese pepper prices trading on the international market increasing sharply by more than 46% yesterday. Earlier this week, Vietnamese pepper prices on the international market fell for 3 consecutive days, at times losing up to 35%.

This year’s pepper harvest in Indonesia was delayed until August-September, later than usual, with a significant crop loss. At the same time, the harvest in Brazil was also delayed, expected to coincide with the Indonesian harvest, and output is estimated to be 10-20% lower than last year.

Therefore, customers around the world will focus on the cheapest available supply source, Vietnam, during the June - August period. This will make it difficult for Vietnamese pepper prices to fall sharply.

Data shows that demand for Vietnamese pepper from traditional customers is increasing strongly again.

According to the Vietnam Pepper and Spice Association (VPSA), in the first five months of the year, Vietnam exported a total of 114,424 tons of pepper of all kinds with a turnover of 493.1 million USD, down 13.2% in volume, however, the export turnover increased 20.6% over the same period last year.

In particular, the US surpassed China to return to the leading position as Vietnam's largest pepper export market with a volume of 30,466 tons, accounting for 26.6% of market share and increasing by 44.4% over the same period.

Vietnamese pepper accounts for a large market share in the US thanks to its good price and increasingly high quality, making it popular in this market. The Vietnamese pepper industry is also highly regarded for its processing capacity, with the proportion of processed products accounting for about 30% of total export turnover.

Pepper price growth is forecast to slow down, however, prices will remain high due to limited supply and increased demand.

In the world market, at the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,094 USD/ton, up 0.08%; the price of Brazilian black pepper ASTA 570 at 7,300 USD/ton, up 100 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 7,500 USD/ton.

Muntok white pepper price is 9,033 USD/ton, up 0.09%; Malaysian ASTA white pepper price is at 8,800 USD/ton.

Vietnam's black pepper price is trading at 5,700 USD/ton for 500 g/l; 550 g/l at 5,800 USD/ton; white pepper price at 7,900 USD/ton. IPC listed a slight increase in prices in Indonesia and Brazil. World pepper prices were supported by the decline in the USD in the last session.

Source: https://baoquocte.vn/gia-tieu-hom-nay-2962024-ly-do-gia-kho-giam-sau-khong-phai-trung-quoc-day-moi-la-thi-truong-xuat-khau-lon-nhat-cua-tieu-viet-276702.html