Purchasing power from markets increases, domestic pepper prices expected to reach new highs

Pepper prices today, September 17, 2024, in the domestic market are stable in some key localities, trading from 152,000 - 156,000 VND/kg.

Pepper price today September 17, 2024: Buying power from markets increases, domestic pepper is expected to reach a new price level. (Source: AdobeStock)

Pepper price today, September 17, 2024 in the domestic market is stable in some key localities, trading from 152,000 - 156,000 VND/kg.

Specifically, pepper price today in Gia Lai is at 154,000 VND/kg.

Pepper prices today in the provinces of Dong Nai (154,000 VND/kg); Dak Lak (156,000 VND/kg); Dak Nong (156,000 VND/kg); Ba Ria - Vung Tau (155,000 VND/kg) and Binh Phuoc (152,000 VND/kg).

Thus, following yesterday's momentum, domestic pepper prices remained stable in key localities today. The highest pepper price remained at 156,000 VND/kg.

This week, experts say the market will be affected by the US Federal Reserve (Fed) cutting interest rates by 0.25 or 0.5 percentage points in its policy meeting in the coming days.

The news of interest rate cuts has weakened the USD for a long time, helping commodity markets to flourish, including pepper. Globally, the International Pepper Community also noted that last week no country reported a decrease in pepper prices.

Along with that, increased purchasing power from the markets, and concerns about supply are still two constant reasons expected to continue to boost pepper prices this week. Experts predict that if the upward momentum continues as it has since the beginning of the month, the domestic market this week could reach 160,000 VND/kg.

According to the General Department of Customs, in August 2024, Vietnam exported 1,080 tons of pepper to the German market, worth 6.4 million USD, down 24.4% in volume and 29.2% in value compared to the previous month, but up 74.2% in volume and 2.4 times in value compared to the same period last year.

In the first 8 months of the year, pepper exports to this market reached 12,133 tons, equivalent to 63.7 million USD, a sharp increase of 97.5% in volume and 2.5 times (151.8%) in value compared to the same period last year.

With this result, Germany has risen to the second position in Vietnam's pepper export market after the US, with its market share increasing from 3.3% in the same period to 6.6% in the first 8 months of the year.

By the end of August, Vietnam exported 183,756 tons of pepper of all kinds, of which black pepper reached 162,721 tons and white pepper reached 21,035 tons. Total pepper export turnover reached 881.2 million USD (of which black pepper reached 754.1 million USD and white pepper reached 127.1 million USD).

Pepper exports in the first eight months of 2024 have already surpassed last year’s output, with four months left until harvest. This raises concerns about supply in the final months of the year.

Source: https://baoquocte.vn/gia-tieu-hom-nay-1792024-luc-mua-tu-cac-thi-truong-tang-ky-vong-tieu-noi-dia-can-moc-gia-moi-286506.html