According to local trading companies, the increase in black pepper prices is due to the immediate demand of exporters to meet the contracts signed with traditional customers.
Read more: >> Black pepper prices increase due to demand for spot goods
Workers pack pepper bags after purchasing.
Yesterday, the price of black pepper in the southern markets simultaneously increased by 1,000 VND/kg, bringing the price of black pepper in Ba Ria – Vung Tau to 56,000 VND/kg, Binh Phuoc 55,000 VND/kg and other markets. again fluctuates in the range of 52,000 – 54,000 VND/kg.
According to local trading companies, the increase in black pepper prices is due to the immediate demand of exporters to meet the contracts signed with traditional customers. However, the increase has caused the market to heat up, perhaps because the source of goods purchased from abroad has not arrived in time as expected, not due to the increased demand of customers.
In contrast, the demand for white pepper has not increased commensurately. According to Chau Hue, the owner of a processing factory in Dong Nai, the price of white pepper offered for delivery at the factory is still fluctuating at VND77,000-78,000/kg, a stable price since early October, while the price of black pepper has increased up to 2,000 – 3,000 VND/kg.
Following the news that Indonesian and Malaysian farmers neglected to take care of a significant number of pepper areas due to the low price compared to expectations, the market also sprang up many areas of Vietnamese pepper that were quickly wilted by fungi. devastated. Many pepper farmers went bankrupt after they had spent a lot of money, including borrowing from banks to save them, but were also helpless, so they had to let their pepper gardens be damaged. Therefore, it is not expected that the global pepper production next year will not increase even though some of the new plantings in recent years have yielded significant yields.
According to a report by the General Department of Vietnam Customs, September 2018 exports reached 17,481 tons of pepper of all kinds, with a turnover of 50.65 million USD, down 21.3% in volume and 22.2% in price. value compared to the previous month, bringing the export volume of pepper in the first 9 months to 192,902 tons, up 6.7% in volume but down 34.2% in value over the same period last year. The average export price of pepper in the period reached 2,898 USD/ton, down 1.26% compared to the average export price of the previous month.
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