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| Pepper price today September 6, 2023, slight recovery, low Vietnamese pepper inventory, more positive year-end market? (Source: thehindubusinessline) |
Pepper prices today in the domestic market increased slightly in some key localities, trading from 69,500 - 73,000 VND/kg.
Specifically, pepper price today in Gia Lai is at 69,500 VND/kg.
Pepper prices today in Dong Nai province (70,500 VND/kg); Dak Nong, Dak Lak (71,000 VND/kg); Binh Phuoc (72,000 VND/kg) and Ba Ria - Vung Tau are at the highest level of 73,000 VND/kg.
Figures from the General Statistics Office show that Vietnam's pepper exports in August 2023 reached 16,000 tons, up 4.9% compared to July 2023, but down 13.4% compared to the same period last year.
In the first 8 months of 2023, Vietnam's pepper export volume reached 183,900 tons, an increase of 14.5% over the same period in 2022.
On the other hand, imports in the first 8 months of the year were about 20 thousand tons. Thus, in September 2023, all imported pepper along with this year's harvest will be exported and consumed domestically.
Positive signals from US employment data and the Chinese economy have helped brighten the macroeconomic situation, thereby helping pepper prices recover.
Meanwhile, supply is being supported by harvests in Indonesia and Brazil. However, from now until the end of the year, there is a forecast of shortage due to low inventories in Vietnam. Domestic supply scenarios from now until the beginning of next year all show that it will not be as abundant as in previous years.
Through assessment and review of data compared to previous forecasts, the Vietnam Pepper and Spice Association (VPSA) said that Vietnam's pepper output in 2023 is estimated at about 190 thousand tons, an increase of 3.8% compared to 2022.
With the pepper export volume in the past 7 months showing that this year's volume is not much, it is expected that by the end of August, all of the 2023 output will be exported, so it is possible to hope for a positive impact on the market in the last months of the year.
In addition, the World Bank forecasts that some economies such as the US, Europe and China will have positive prospects by the end of the year, so the purchasing power of pepper and spices in these markets will recover. This may also affect prices from now until the end of the year.
In the general trend of concern about the likely shortage of world food, India has imposed restrictions on rice exports, Russia has announced its withdrawal from the Black Sea agreement, which is also a signal of support for the agricultural market in general and the world's spices in particular.
VPSA believes that the market will not fluctuate strongly in the short term because remaining inventories in producing countries, especially in Vietnam as well as in consuming countries, will help stabilize market prices.
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