Pepper prices today, July 15, 2024, in the domestic market continued to decrease in some key localities, trading at 150,000 - 151,000 VND/kg.
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| Pepper price today July 15, 2024: Continuing to decrease, what to do to maintain the No. 1 position of Vietnamese pepper in the world market? (Source: Shutterstock) |
Pepper prices today, July 15, 2024, in the domestic market continued to decrease in some key localities, trading at 150,000 - 151,000 VND/kg.
Specifically, pepper price today in Gia Lai is at 150,000 VND/kg.
Pepper prices today in the provinces of Dong Nai (150,000 VND/kg); Dak Lak (150,000 VND/kg); Dak Nong (151,000 VND/kg); Ba Ria - Vung Tau (151,000 VND/kg) and Binh Phuoc (150,000 VND/kg).
Thus, domestic pepper prices continued to decrease in key localities today, with a decrease of 1,000 - 3,000 VND/kg. The highest pepper price was at 151,000 VND/kg.
In summary, last week, pepper prices decreased slightly in Dak Lak, increased in Ba Ria - Vung Tau, while remaining unchanged in the remaining localities.
According to the Department of Crop Production (Ministry of Agriculture and Rural Development), by the end of 2017, the country had 153,000 hectares of pepper. However, by 2023, the pepper growing area will be only 115,000 hectares due to oversupply in the previous cycle, causing pepper prices to drop, pepper growers to suffer heavy losses and be forced to destroy their gardens. This is causing pepper output to decrease rapidly, helping pepper prices to remain high.
The global pepper market is valued at 5.43 billion USD, with an average growth forecast of more than 20% in the period 2024 - 2032. Vietnam's current problem is how to stabilize pepper output at 170,000 - 190,000 tons to maintain the No. 1 position of Vietnamese pepper in the world market.
The Vietnam Pepper and Spice Association (VPSA) believes that the core issue in maintaining pepper acreage and output is to ensure good prices for farmers so that they continue to stick with this crop.
Although pepper prices are around high levels, people are still not interested in expanding pepper cultivation areas again.
According to VPSA statistics, in the first 6 months of 2024, Vietnam exported 142,586 tons of pepper of all kinds, down 6.8% in volume but up 30.5% in value.
In the first 6 months of 2024, the US was Vietnam's largest pepper export market with a volume of 37,435 tons, up 44.6% over the same period last year, accounting for 26.3% of the market share. This was followed by markets such as Germany with 9,526 tons, up 106.7%; UAE: 8,388 tons, up 15.2%; India: 8,173 tons, up 45.7%, China: 7,453 tons, down 85.2% and the Netherlands: 6,019 tons, up 52.1%.
Leading white pepper export markets: Germany: 2,454 tons, USA: 2,044 tons, Netherlands: 1,779 tons, Thailand: 1,732 tons and China: 1,567 tons…
In the world market, at the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,211 USD/ton; the price of Brazilian black pepper ASTA 570 at 7,150 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 7,500 USD/ton.
Muntok white pepper price is 9,182 USD/ton; Malaysian ASTA white pepper price is at 8,800 USD/ton.
Vietnam's black pepper price is trading at 6,000 USD/ton for 500 g/l; 550 g/l at 6,600 USD/ton; white pepper price at 8,800 USD/ton. IPC continues to slightly increase pepper prices in Indonesia.
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