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| Pepper price today January 5, 2024, the lowest crop price in many seasons, forecast for world pepper price in 2024. (Source: Borneo Talk) |
Pepper price today, January 5, 2024, in the domestic market continued to increase slightly in some key localities, trading from 81,000 - 82,500 VND/kg.
Specifically, pepper price today in Gia Lai is at 81,000 VND/kg.
Pepper prices today in Dong Nai province (81,000 VND/kg); Dak Nong, Dak Lak (82,000 VND/kg); Ba Ria - Vung Tau (81,000 VND/kg) and Binh Phuoc (82,500 VND/kg).
In the context of a weakening global economy due to geopolitical conflicts, inflation and high interest rates in major economies, pepper exports recorded a decline in most of the leading producing countries such as Brazil, Indonesia, India... and only increased in Vietnam.
On the demand side, imports from the US and the European Union (EU) fell to their lowest levels in recent years, partly offset by demand from China as it reopened from the Covid-19 pandemic.
The Import-Export Department (Ministry of Industry and Trade) cited statistics from the General Department of Customs, saying that in 2023, Vietnam is estimated to export 267,000 tons of pepper, worth 912 million USD, up 16.6% in volume, but down 6% in value compared to 2022. Thus, the billion-dollar industry target continues to be unachievable.
The main reason is the low export price. The average export price of pepper from Vietnam reached about 3,420 USD/ton last year, down 19.4% compared to 2022.
Vietnam's output in 2023 is expected to reach about 190,000 tons, with imports of about 26,000 tons. Last year, exports had to take 50,000 tons of stockpiled goods to sell on the market. This year's crop output is the lowest in years.
It is forecasted that in 2024, world pepper prices will generally be higher than in 2023. Although the world economy still has many risks, pepper production in Vietnam, Brazil, India and Indonesia is expected to decrease.
The Vietnam Pepper Association forecasts that global pepper output in the 2023/2024 crop year will decrease due to an estimated decrease in output from pepper-producing countries. Accordingly, Vietnam's pepper output in 2024 is estimated to decrease by about 10-15% to 160,000 - 165,000 tons; India's will decrease by 20%, Indonesia's by 20-30% and Brazil's by 15%.
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 3,946 USD/ton, down 0.15%; 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 6,078 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.
Source
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