Pepper price today December 31, 2023, the market is gloomy, traders lower the purchase price to pull the market back to 80,000 VND/kg

Pepper price today, December 31, 2023, in the domestic market continued to decrease in some key localities, trading from 80,500 - 82,000 VND/kg.

Pepper price today December 31, 2023, the market is gloomy, traders lower the purchase price to pull the market back to 80,000 VND/kg. (Source: The Kitchen)

Pepper prices today, December 31, 2023, in the domestic market continued to decrease in some key localities, trading from 80,500 - 82,000 VND/kg.

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

Pepper prices today in Dong Nai province (80,500 VND/kg); Dak Nong, Dak Lak (82,000 VND/kg); Ba Ria - Vung Tau (81,000 VND/kg) and Binh Phuoc (82,000 VND/kg).

Thus, domestically, the market recorded 2 consecutive days of decline, with a decrease of 5,000 - 1,000 VND/kg in key localities. The highest pepper price was recorded in Binh Phuoc province at 82,000 VND/kg.

Weak demand in the US and Europe due to the New Year holidays has made the market gloomy. Domestically, traders have lowered their purchasing prices to bring the market down to 80,000 VND/kg.

According to the latest data from the General Statistics Office, in December 2023, Vietnam's pepper exports increased for the fourth consecutive month, estimated at 21,000 tons, up 3.8% compared to November 2023 and up 2.8% compared to the same period in 2022. Export turnover reached nearly 79 million USD, up 1.5% compared to November 2023 and up 7.3% compared to the same period in 2022.

In the whole year of 2023, Vietnam's pepper exports are estimated to reach nearly 267,000 tons, an increase of 16.6% compared to 2022; turnover reached more than 912 million USD, a decrease of 6.0%.

Previously, according to records in the domestic market, in the first half of December alone, the price of raw black pepper in the Central Highlands provinces increased by 12-14% (8,500 - 10,000 VND/kg) compared to the end of last month to 79,500 - 82,000 VND/kg, the highest level recorded since March 2022.

Since the beginning of November, the domestic black pepper price has increased by about 20-22%. Citing information from the Vietnam Pepper and Spice Association (VPSA), the Import-Export Department said that the domestic black pepper price has been continuously increasing, signaling a not-so-optimistic harvest next year.

Although China's import demand weakened, demand from Europe and the US increased again, causing prices to increase sharply.

Low inventory levels are also a factor pushing up pepper prices. As of the end of November, domestic and imported output was 214,490 tons (including 190,000 tons of output and 24,490 tons of imports), while export volume reached 245,665 tons.

After 2 consecutive months of increase, the average pepper export price in December 2023 turned down, reaching 3,755 USD/ton, down 2.2% compared to the previous month, but up 4.4% compared to the same period in 2022. Accumulated for the whole year of 2023, the average pepper export price reached 3,420 USD/ton, down 19.4% compared to 2022.

In the world market, at the end of the weekend trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 3,887 USD/ton, down 0.13%; the price of Brazilian black pepper ASTA 570 at 3,270 USD/ton; the price of Kuching black pepper (Malaysia) ASTA remained at 4,900 USD/ton.

Muntok white pepper price is 6,100 USD/ton, down 0.15%; Malaysian ASTA white pepper price remains at 7,300 USD/ton.

Vietnam black pepper price is traded at 3,900 USD/ton for 500 g/l, 4,000 USD/ton for 550 g/l; white pepper price is at 5,700 USD/ton.

IPC commented that the pepper market in the last week of 2023 continued to have mixed reactions, when reopening after the Christmas holiday. Both domestic and international Indian pepper prices were stable this week. Meanwhile, domestic and international Indonesian pepper prices both tended to increase this week.

Source