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| Pepper price today January 9, 2024, more than 30% of Vietnamese pepper is exported to this market, list of factors that can restrain the increase. (Source: Borneo Talk) |
Pepper prices today, January 9, 2024, in the domestic market continue to be stable 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).
So, today, pepper prices are stable compared to the same time yesterday.
According to preliminary statistics of the Vietnam Pepper and Spice Association, in December 2023, Vietnam exported 20,227 tons of pepper of all kinds, of which black pepper reached 17,833 tons and white pepper reached 2,394 tons.
Total export turnover reached 77.6 million USD. Compared to November, export volume decreased by 0.3% and turnover decreased by 0.7%. The average export price of black pepper in December reached 3,728 USD/ton, equivalent to the export price in November, and white pepper reached 5,189 USD/ton, an increase of 112 USD compared to the previous month.
The United States continued to be the main export market for Vietnamese pepper in December, reaching 6,212 tons, up 13.8% compared to November and accounting for 30.7% of the export market share. This was followed by the UAE market with 1,271 tons, China with 1,030 tons and India with 1,011 tons.
In 2023, Vietnam exported 264,094 tons of pepper of all kinds. Total export turnover reached 906.5 million USD, black pepper reached 770.6 million USD, white pepper reached 135.9 million USD.
Compared to 2022, the export volume increased by 13.8%, however, the export turnover decreased by 8.0%. The average export price of black pepper reached 3,585 USD/ton, white pepper reached 5,091 USD/ton, compared to 2022, the export price of black pepper reached 3,591 USD/ton, white pepper reached 5,095 USD/ton, respectively decreased by 420 USD for black pepper and 635 USD for white pepper.
Asia is Vietnam's largest pepper export market, accounting for 52.7% and compared to 2022, the export volume increased by 29.6%, of which China is the leader with 60,135 tons, accounting for 22.8% of Vietnam's export market share and increasing by 174%. Next are the Indian markets: 12,812 tons, accounting for 4.9% and increasing by 4.2%; UAE: 12,132 tons, accounting for 4.6%, down 24.7%; Philippines: 8,021 tons, accounting for 3.0%, up 27.5%.
The Americas region ranked second in terms of export market share, accounting for 22.8% and exports increased by 0.3%, of which the United States was the second largest export market for Vietnamese pepper, reaching 54,271 tons, accounting for 20.5%, down 0.8% compared to last year.
Exports to European markets accounted for 19.5%, down 1.4% year-on-year. Exports to Africa increased by 7.8%.
In the coming time, factors that may restrain the increase in pepper prices include remaining inventories of pepper growers in India and Brazil, selling pressure before Lunar New Year and new crop harvests in India and Vietnam.
While the factors that could drive prices are the remaining inventory in Vietnam that is largely in the hands of traders and speculators, speculative activity could continue to support the market.
In addition, the impending El Nino could impact production. On the other hand, any increase in demand from consuming countries, especially if it comes from China, could have an upward impact on prices.
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