Pepper prices today (August 8) ranged from 73,000 to 76,500 VND/kg. In the past 6 days, the pepper market in general tended to go up, provinces and cities recorded an increase from 1,000 VND/kg to 3,000 VND/kg.
Update domestic pepper prices
Pepper price This week fluctuated slightly at the beginning of the week and increased sharply since the middle of the week.
Accordingly, the two provinces of Dong Nai and Gia Lai are currently trading at VND 73,000/kg and VND 74,000/kg, respectively, up 1,000 VND/kg and 3,000 VND/kg respectively compared to the beginning of the week.
After being adjusted to increase by 2,000 VND/kg, the purchasing price in the two provinces of Dak Lak and Dak Nong is currently at the same level of 75,000 VND/kg.
Similarly, the two provinces of Binh Phuoc and Ba Ria – Vung Tau respectively recorded levels of 75,500 VND/kg and 76,500 VND/kg, an increase of 1,500 VND/kg in the past week.
Price volatility in the past week. Unit: VND/kg. Summary: Thao Vy
Update information on world pepper
Recently, the US and the countries of the European Union (EU) have switched to buying pepper from Brazil because the quality of pepper is not too different from that of Vietnam.
Most importantly, the shipping cost from Brazil to the US is only 1/3 of that from Vietnam and from Brazil to the EU is only 1/10 of that from Vietnam.
With the current situation of increasing freight rates and not showing a downward trend, Vietnam’s pepper industry will completely lose its competitiveness in the US and EU markets.
Currently, exporters are forced to accept risks to retain these two important markets by trying to maximize profits, even accept losses to retain customers.
However, the galloping increase in freight rates, with no downward trend, makes it difficult for businesses to survive. Especially in the past two years, the prolonged impact of the COVID-19 epidemic has also made many businesses exhausted.
Meanwhile, most pepper exporting enterprises are small and medium enterprises with weak financial potential, therefore facing the risk of bankruptcy and dissolution of enterprises is very high.
According to VietnamBiz
