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| Pepper price today August 6, 2023, reasons for domestic pepper price recovery, price trend forecast from now until the end of the year. (Source: EMediHealth) |
Pepper prices today in the domestic market continued to increase in some key localities, trading from 70,500 - 75,000 VND/kg.
Specifically, today's pepper price in Gia Lai is the lowest in the market at 70,500 VND/kg.
Pepper prices today in Dong Nai province (71,500 VND/kg); Dak Nong, Dak Lak (72,000 VND/kg); Binh Phuoc (73,500 VND/kg) and Ba Ria - Vung Tau are at the highest level of 74,000 VND/kg.
Thus, the domestic market became more active when recording 5 consecutive days of pepper price increase.
The International Pepper Community (IPC) assessed that the pepper market this week had mixed reactions with only Indonesian white pepper prices decreasing. Although the Indian Rupee weakened against the USD, Indian pepper prices continued to be reported with an upward trend during the week.
The consequences of the recent floods in the Southern and Central Highlands regions helped domestic pepper prices recover from early August 2023.
According to KT&DT, near the end of this year's harvest, the Chu Se Pepper Association (Gia Lai) said that pepper prices will certainly increase until the end of the year because there is not much pepper growing area left. Recently, pepper has been competing strongly with other crops such as durian, passion fruit, etc., while there are almost no signs of new planting.
In that context, the Vietnam Pepper and Spice Association (VPSA) believes that there will likely be a shortage of pepper supply in the next 3-5 years. Local agricultural sectors recommend that farmers should not cut down trees to plant other trees.
Because when growing pepper, farmers have spent 3 years growing, when the price of pepper increases, farmers have to go back to grow for another 3 years, which means 6 years without income. If the 4th year has a harvest but the market enters a price drop cycle, farmers will continue to rotate planting and cutting. As for old trees, farmers replant or replace them.
In the second quarter of 2023 alone, Vietnam's pepper exports reached 76,485 tons, worth 233.4 million USD, up 0.4% in volume and 6.9% in value compared to the first quarter of 2023, compared to the second quarter of 2022, up 8.6% in volume, but down 19.8% in value.
However, in June, Vietnam's pepper exports slowed down somewhat due to weakening demand from major markets such as China, the US, the European Union (EU), reaching only 21,235 tons, worth 86.7 million USD, down 26.6% in volume and 14.6% in value compared to the previous month.
At the same time, Vietnam's pepper exports in June compared to the same period last year decreased by 12.2% in volume and 23.2% in value.
Pepper export prices in June increased by nearly 20% compared to the previous month to an average of 3,614 USD/ton. However, in the first 6 months of the year, pepper export prices still decreased by about 30% compared to the same period last year to 3,165 USD/ton.
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