Coffee and pepper prices increased rapidly, continuously setting new records

Coffee and pepper prices increased rapidly, continuously setting new records
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Vietnamese pepper is in harvest season but prices are continuously increasing. On February 22, pepper prices were recorded at around 90,000 VND/kg, 1,500 – 2,000 VND/kg higher than the previous day and up about 50% over the same period last year.

This is also the highest price area for this type of agricultural product in the past 3 years.

Coffee and pepper prices are increasing rapidly, continuously setting new records - Photo 1.

Pepper prices are increasing rapidly

Mr. Dang Duong Minh Hoang – owner of a 50-hectare farm growing rubber, avocado, and pepper in Bu Gia Map district, Binh Phuoc province – said that with the current pepper price of 90,000 VND/kg, farmers profit more than 50%. . If farmers cultivate organically and reduce costs, profits are even better.

However, the pepper area around Mr. Hoang’s area has decreased by 40-50% because people switched to durian and did not replant when the pepper garden became old and diseased. This is also one of the reasons why pepper prices increase.

According to data from the Ministry of Agriculture and Rural Development, the pepper growing area in Vietnam in 2023 will reach 115,000 hectares, down 5,000 hectares compared to 2022, with an output of 190,000 tons.

According to forecasts of the International Pepper Association (IPC), global pepper production in 2024 will continue to decrease by 1.1%, equivalent to a decrease of 6,000 tons. This decrease is mainly from Vietnam, while Brazil and India are forecast to increase production in 2024.

According to preliminary statistics of VPSA, in the first 15 days of February 2024, Vietnam exported 5,687 tons of pepper, bringing in a value of 22.7 million USD, calculating a unit price of about 4,000 USD/ton.

According to the Import-Export Department – Ministry of Industry and Trade, in January, Vietnam exported 20,000 tons of pepper, worth 79 million USD, the average export price reached 3,953 USD/ton, an increase of 14.8% over the month. January 2023.

Coffee and pepper prices increased rapidly, continuously setting new records - Photo 2.

Coffee prices continue to establish new peaks

For coffee, the price is continuing to reach a historic peak, exceeding 80,000 VND/kg, reaching 82,500 – 83,400 VND/kg, an increase of 800 – 900 VND/kg compared to the previous day.

According to data from the General Department of Customs, Vietnam’s coffee exports in January 2024 reached 238,266 tons, up 14.8% compared to December 2023 and up 67.4% compared to January 2023.

Coffee export turnover in January 2024 reached 726.6 million USD, up 21.2% compared to December 2203 and up 133.7% compared to January 2023.

The average export coffee price in January 2024 reached 3,050 USD/ton, up 39.6% compared to January 2023.

This price exceeds expectations of people in the industry when the supply of Robusta coffee in Vietnam is limited due to crop failure and reduced planting area.

Meanwhile, buying demand from Europe, where Vietnamese coffee exports account for 40%, increased because of concerns about supply disruption due to the great impact of the Asia-Europe sea shipping route having to change schedules to avoid the canal. Suez Canal due to conflict in the Red Sea.

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