Pepper price today August 7, 2023, positive market, Vietnamese pepper exports to the US decreased, recording a rare 'bright spot'. (Source: Borneo Talk) |
Pepper prices today in the domestic market continued to increase in some key localities, trading from 71,000 - 74,500 VND/kg.
Specifically, today's pepper price in Gia Lai is the lowest in the market at 71,000 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 74,500 VND/kg.
Thus, the domestic market continues to receive positive signals when recording 6 consecutive days of pepper price increase.
Globally, harvests are underway in Brazil and Indonesia with production forecasts showing less than expected, while in India, the approaching festive season is boosting demand.
Data from last week showed that Vietnam's pepper exports in July 2023 continued to be gloomy, reaching only 16,000 tons with a turnover of 59 million USD, down 14.3% in volume and 25.1% in turnover compared to the same period in 2022. This is the lowest export volume in the past 5 months.
The bright spot is that the average export price of pepper in July 2023 continued to increase by 2.1% compared to June 2023, reaching 3,688 USD/ton - the highest level since November 2022. After 2 months of decline, many experts predict that exports will increase again in August 2023.
During the week, the event that affected the continuous growth of the domestic market was the heavy rain and floods in the Central Highlands and Southern provinces in late July and early August. Many pepper gardens were flooded, causing concerns about the next crop's yield decreasing, even failing.
According to records, China has surpassed the US to become Vietnam's largest pepper export market in the first 6 months of this year with a volume of 50,369 tons, an increase of 798% over the same period last year and accounting for 32.9% of the market share.
Pepper exports to this market have recovered strongly thanks to China's move to open its economy after many years of implementing the Zero Covid policy.
However, pepper exports to this market are slowing down, reaching only 4,200 tons in June, down 59% compared to the previous month.
Meanwhile, pepper exports to the US, Vietnam's second largest consumer market, decreased by 16.6% in the first 6 months of the year compared to the same period last year, reaching 25,858 tons. The US market share in Vietnam's total pepper exports accordingly decreased to 16.9% from 25.1% in the same period last year.
In addition, exports to some traditional markets decreased sharply in the first half of this year such as UAE down 27.5%, India down 41.2%, Germany down 31.1%, Netherlands down 29.3%, UK down 15.6%, Pakistan down 27.2%; South Korea down 53.6%...
However, pepper exports to some markets recorded positive signals such as the Philippines increased by 27%, Türkiye increased by 121.3%, Egypt increased by 68.8%...
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