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| Pepper price today January 3, 2024, Vietnam's pepper industry will affect the global market, assessment of output of major producing countries. (Source: Shutterstock) |
Pepper price today, January 2, 2024, in the domestic market remained stable in some key localities, trading from 80,000 - 81,500 VND/kg.
Specifically, pepper price today in Gia Lai is at 80,000 VND/kg.
Pepper prices today in Dong Nai province (80,000 VND/kg); Dak Nong, Dak Lak (81,500 VND/kg); Ba Ria - Vung Tau (80,500 VND/kg) and Binh Phuoc (81,500 VND/kg).
Pepper prices today are unchanged from the same time yesterday.
In 2023, domestic pepper prices increased by an average of VND22,000/kg. Last year's output increased slightly but could not compensate for the shortage in export activities.
At the beginning of the new year, some early-ripening pepper regions have begun to harvest. The market is still waiting for information on output to balance supply and demand, while traders' cash flow is focusing on coffee.
Commenting on pepper in 2024, experts said that the upward trend is clear, but how much and to what extent it will increase depends on each stage and factors. In the immediate future, from now until Lunar New Year, the market is not expected to have many breakthroughs, and prices will be adjusted within a narrow range. The price target of 90,000 VND/kg is set, but it is difficult.
After the Lunar New Year, localities will harvest pepper in abundance, at which point the picture of output will gradually become clearer. If the speculation of experts, businessmen, and pepper businesses is correct that this year will be a bad crop, coupled with the fact that the US Federal Reserve (Fed) will cut interest rates, then domestic pepper prices may increase sharply, repeating the scenario of 2021. It must also be said that in the early stages of the year, pepper supply mainly comes from Vietnam, when other countries have not entered the season. Therefore, Vietnam's pepper prices will have a dominant influence on the global market.
According to a recent report by spice processing and distribution company Harrisspice, the outlook for next year's pepper crop in major producing countries such as Vietnam and Brazil is generally not very positive, while a relatively good crop awaits in India.
Accordingly, in the Vietnamese market, early harvest will begin in late December, while harvest in most areas will begin in January 2024.
Weather conditions are generally favorable, but in many places in the Central Highlands, farmers have increased the planting of intercrops such as coffee and fruit trees such as durian and avocado.
This will affect the pepper acreage in the future. It is estimated that Vietnam's total pepper output will decrease slightly by about 2-5% in the next crop.
Meanwhile, heavy rains affected parts of southern Brazil in November, while northern regions were unusually dry due to El Nino. The Amazon basin is at its lowest level in more than 100 years. In Brazil, El Nino typically brings heavy rains in the south, drought in the north and uneven rainfall in the center-west.
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