Chili prices dropped dramatically because China stopped buying

On March 28, recorded by Tuoi Tre Online, chili prices dropped dramatically because China did not buy them. Along Truong Sa Road (South bank of Tra Khuc River), farmers turned the sidewalks into chili drying grounds.

The price of chili is only 5,000 VND/kg

Along the more than 8km long route, chili peppers are dried. As long as chili peppers are dry, people immediately gather bags and find a place to dry a new batch.

If every year, at this time in the fields along the Tra Khuc River, people go to the fields to harvest chili peppers, but this year there are only a few people.

Mr. Nguyen Van Tri (Nghia Ha commune, Quang Ngai city) alone picks chili in his field.

Talking about the price of chili, Mr. Tri said: “This time last year, traders bought 50,000 VND and then increased it to 80,000 VND/kg. This year, at the beginning of the season, traders collected 12,000 VND/kg, then dropped to 10,000 VND/kg. Three days ago they bought 8,000 VND/kg, now it’s only 5,000 VND/kg.”

Ms. Pham Thi Nhung (Nghia Ha commune) struggled all morning to pick 5kg of chili. In order to pick all 4 acres of the family’s chili peppers, which were at peak ripeness, she alone couldn’t pick them in time. But Mrs. Nhung cannot hire people at the current chili price.

“The price of chili peppers has dropped so dramatically. I can pick as many as I can, but in a few days I will probably throw them away if the traders don’t buy anymore,” Ms. Nhung sighed.

Traders said prices fell because China stopped buying

Mrs. Huong, a trader, came to the gathering point to buy chili but she kept calling to update the chili price. Ms. Huong said that the current price of chili peppers can change in the morning and afternoon. If you don’t keep up, you will buy wrongly and lose money.

“Now I buy chili peppers to sell to chili sauce makers and mainly dry them to make dried chili peppers. The “big traders” just called and said they don’t buy anymore, they’ve run out of space,” Ms. Huong said.

Mr. Chien – an agent specializing in buying chili to sell to the Chinese market – said his Chinese partner did not know why he stopped buying. Currently, Mr. Chien’s cold storage warehouses for chilli are almost full.

“Buying now is a matter of luck. If China “buys goods” again, I will earn well, otherwise I will lose a lot. In addition to the money spent buying chili, there are also electricity costs for the cold storage and labor to monitor the warehouse,” Mr. Chien said.

Ms. Nguyen Thi Loan – Vice Chairwoman of Nghia Ha Commune People’s Committee – said the sharp drop in chili prices has left farmers devastated. At current prices, people not only lose money on care but also lose money on fertilizer, medicine, and seeds. “Many owners of chili purchasing warehouses have also continuously suffered losses when chili prices have been unstable in recent years,” Ms. Loan said.