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| Pepper price today September 4, 2023, El Nino phenomenon may adversely affect productivity, creating momentum to help pepper prices recover. (Source: Times of India) |
Pepper prices today in the domestic market continue to be stable in some key localities, trading from 69,000 - 72,500 VND/kg.
Specifically, pepper price today in Gia Lai is at 69,000 VND/kg.
Pepper prices today in Dong Nai province (70,000 VND/kg); Dak Nong, Dak Lak (70,500 VND/kg); Binh Phuoc (72,000 VND/kg) and Ba Ria - Vung Tau are at the highest level of 72,500 VND/kg.
Pepper prices today are unchanged from the same time yesterday. Last week, domestic pepper prices increased by 500 VND/kg. Globally, pepper prices in other countries also increased again, only Indonesian white pepper decreased this week.
Last week, on many forums of Vietnamese pepper growers, warnings appeared about the situation of pepper gardens experiencing heavy and prolonged rain during the flowering period. This leads to flower drop and low fruit set rate.
The Vietnam Pepper and Spice Association (VPSA) assessed in a report in early August 2023 that the floods that occurred in July in the Central Highlands, especially in Dak Nong province, more or less affected pepper gardens.
However, that is not as worrying as the El Nino phenomenon that will occur at the end of the year and last until early next year, which will lead to drought, lack of rain and possibly reduce Vietnam's pepper output next year.
The continuous decline in production in recent times in some countries, in which the crops of Indonesia and Brazil are forecast to be lower than last year, has led to a decrease in global pepper reserves. In the country, by the end of 8 months of 2023, the export volume was equal to this year's output.
There is about half a year left until next year’s harvest. According to experts, reduced inventory pressure and forecasts of poor output next year will be the driving force for pepper prices to recover at the end of this year. In addition, expectations of a recovery in the US and European economies will increase demand for goods, including pepper.
In July 2023, Vietnam's pepper exports to major consumer markets such as China, the US, the United Arab Emirates (UAE)... all decreased compared to the previous month.
For China alone, the amount of pepper exported to this market in July reached 1,958 tons, down 53.4% compared to the previous month and the lowest level since February.
However, in the first 7 months of the year, China is still Vietnam's largest export market, reaching 52,327 tons, accounting for 31.1% of the export market share and increasing by 665% over the same period in 2022.
Next is the US market with 29,232 tons, accounting for 17.4% and decreasing by 18.8%. Similarly, Vietnam's pepper exports to some other traditional markets also decreased.
Specifically, UAE decreased by 30.1%; India decreased by 38.1%; Germany decreased by 24.8%; Netherlands decreased by 25.3%...
According to records, only a few markets recorded positive export volumes such as Türkiye increased by 87.8%; France increased by 11.2%; Philippines increased by 19.7% and Egypt increased by 41.8%...
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