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| Today's pepper prices (July 3, 2023) reflect a decrease in stockpiles and a drop in exports to many major markets. (Source: Getty) |
Today's pepper prices in the domestic market remained stable in some key localities, trading between 66,500 and 70,000 VND/kg.
Specifically, today's pepper price in Gia Lai is the lowest on the market, at 66,500 VND/kg.
Today's pepper prices in the provinces of Dong Nai (67,500 VND/kg); Dak Nong, Dak Lak (67,500 VND/kg); Binh Phuoc (69,000 VND/kg) and Ba Ria - Vung Tau reached a high of 70,000 VND/kg.
Global pepper prices, and those in Vietnam in particular, remained sluggish this week, amid a sharp decline in exports to China in June and news of increased new crop yields. In addition, the global financial and monetary situation is also being affected, with a strong US dollar and speculation about further interest rate hikes by the Fed.
However, prior to that, in May 2023, Vietnam's pepper exports to the Chinese market remained high, while other major markets such as the US, the United Arab Emirates (UAE), Germany, and the Netherlands showed signs of recovery.
Specifically, pepper exports to the Chinese market in May increased by 2.6% compared to the previous month, reaching 10,255 tons; to the US increased by 41%, reaching 5,459 tons; to the UAE increased by 137.1%, reaching 1,679 tons; to Germany increased by 10.1%, reaching 1,047 tons; to the Netherlands increased by 11.4%,...
However, overall in the first five months of the year, except for the strong recovery of the Chinese market, Vietnam's pepper exports to many other major markets tended to decline.
Accordingly, China has risen to the number one position as Vietnam's pepper export market in the first five months of the year with a record volume of 46,169 tons, worth 98.8 million USD, an increase of nearly 18 times (1,669%) in volume and 12 times in value compared to the same period last year.
China's complete reopening of its borders at the beginning of this year, after nearly three years of closure due to the pandemic, has helped revive Vietnam's pepper exports to this market.
In terms of market share, China currently accounts for 35.1% of Vietnam's total pepper exports, a significant increase compared to the modest 2.6% of the same period last year.
On the global market, Indonesia's upcoming harvest is the focus of attention in the early months of the third quarter of this year. The country's production and sales will influence purchasing by European and American importers. These markets are believed to have delayed purchases in the early months of the year and have already used up a significant amount of their existing stock.
Last year, Indonesia recorded the largest drop in production, with a decrease of approximately 22% compared to 2021. This year, the IPC forecasts that the country's production will continue to decline by a further 15%.
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