(VAN) Domestic pepper prices decreased by VND 500 to 1,000 VND today. Currently, domestic pepper is trading around the range of VND 147,000 – 148,500/kg.
Update on pepper prices domestically and globally 08/02/2024
Pepper prices on August 2 globally
Globally, the pepper market continued its upward trend on August 2 in Indonesia.
The price of Lampung black pepper in Indonesia increased by 0.31%, reaching $ 7,172/ton. The price of Muntok white pepper in Indonesia also rose by 0.31%, to $ 8,788/ton.
The price of Kuching ASTA black pepper in Malaysia remains at $ 7,500/ton, while ASTA white pepper in Malaysia is priced at $ 8,800/ton.
In Brazil, ASTA 570 black pepper is trading at $ 6,850/ton.
In Vietnam, the export price of black pepper type 500 g/l is at $ 6,000/ton; type 550 g/l is at $ 6,600/ton. The export price of white pepper remains at $ 8,800/ton.
Pepper prices globally today continue their upward trend in Indonesia while remaining stable in other countries.
Thus, on 08/02/2024, the global pepper price increased slightly in Indonesia compared to yesterday.
Pepper prices on August 2 domestically
In Vietnam, the pepper market on August 2 has decreased across the board compared to yesterday.
Specifically, in Dak Lak, the price has dropped by VND 500, with pepper trading at VND 148,500/kg.
In Dak Nong, the price of pepper has fallen by VND 1,000, reaching VND 148,000/kg.
Similarly, in Gia Lai, pepper is now trading at VND 147,000/kg.
In Dong Nai, traders are buying pepper at VND 148,000/kg, a decrease of VND 1,000.
In Ba Ria – Vung Tau, the pepper price has slightly decreased to VND 148,000/kg.
In Binh Phuoc, the price remains unchanged, with pepper still trading at VND 148,000/kg.
Pepper prices in Vietnam today have remained stable in Binh Phuoc but have decreased slightly by VND 500 – 1,000 in other key regions. This has led to domestic pepper prices being unable to maintain the VND 149,000/kg level.
On the morning of July 31, VPSA held a mid-year review conference and outlined tasks for the remaining half of the year in Ho Chi Minh City.
During the conference, Mr. Le Viet Anh, the General Secretary of VPSA, commented that pepper prices would experience unusual fluctuations. For instance, on June 11, the price surged by VND 20,000/kg in the morning but dropped significantly in the afternoon.
Mr. Viet Anh noted that pepper faces increasing competition from durian and coffee. While new planting areas exist, they are limited, primarily involving intercropping pepper with coffee at a ratio of 6-2. The production for the next season is expected to be similar to or slightly higher than in 2024. The stock of pepper with farmers is limited, and while pest and disease issues persist, they are not significant.
Vietnam’s pepper exports in the first half of 2024 totalled 142,500 tons. With an estimated harvest of about 170,000 tons for 2024, the remaining stock is estimated to be around 28,000 tons. Combined with the carryover inventory from the 2023 season and an estimated 40-45 thousand tons of imports in 2024, the export supply from August to the end of the year is expected to be lower than in previous years.
Additionally, climate change impacts, such as El Nino and La Nina, are becoming more severe, leading to flooding, disease risks, fruit drop, nutrient deficiencies, leaf greening disease, and pest issues in some pepper gardens.
Thus, on 08/02/2024, domestic pepper prices are trading around VND 147,000 – 148,500/kg.
$ 1 = VND 25.030 – Sources: Vietcombank.
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