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| Pepper price today January 6, 2024, exhausted supply, assessment of factors affecting pepper price in 2024. (Source: EMediHealth) |
Pepper price today, January 6, 2024, in the domestic market continued to increase slightly in some key localities, trading from 81,000 - 83,000 VND/kg.
Specifically, pepper price today in Gia Lai is at 81,000 VND/kg.
Pepper prices today in Dong Nai province (81,500 VND/kg); Dak Nong, Dak Lak (82,000 VND/kg); Ba Ria - Vung Tau (83,500 VND/kg) and Binh Phuoc (83,000 VND/kg).
According to the General Statistics Office, in December 2023, Vietnam's pepper exports recorded the fourth consecutive month of increase, estimated at 21,000 tons, up 3.8% compared to November 2023 and up 2.8% compared to the same period in 2022.
Experts say the increase in exports last month points to a supply shortage. Speculation that the new crop will yield less has helped push up pepper prices.
Meanwhile, in the first quarter of 2024, purchases from Western countries may accumulate at the same time due to depleted inventories. This will help push pepper prices up further.
According to pepper industry experts, the export source is running out along with the forecast of a bad harvest, causing pepper prices to increase recently.
In the world market, according to the Cambodian Ministry of Agriculture , Forestry and Fisheries, by the end of November, the country exported 5,805 tons of pepper to the international market, down 30.9% compared to 8,304 tons in the same period in 2022.
In November alone, the export volume only reached 197.2 tons. Cambodia's main markets include Vietnam, China, Germany, the US, Taiwan (China), France, Belgium, Malaysia, Czech Republic, Sweden, etc.
The ongoing economic downturn has significantly affected international trade flows, leading to a decline in orders for many commodities, including pepper.
Mr. Mak Ny, President of the Cambodia Pepper and Spice Federation (CPSF), said the decrease in exports was due to falling domestic and international prices, which made farmers reluctant to sell their products to traders.
Price has also been a factor preventing pepper cultivation from expanding in recent years. Pepper now costs around 12,000 riel ($3) per kilogram, compared to around 16,000-17,000 riel per kilogram a few years ago.
Pepper prices in the international market are expected to increase in 2024, although hot weather may reduce production.
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