Pepper prices have continued to increase quite strongly in the past nearly 1 week. Illustration photo: Nguyen Dung/TTXVN
Pepper prices today (May 21) in key pepper growing areas across the country continue to anchor around the new high price zone.
Specifically, in the Central Highlands region, pepper price in Dak Lak reached 113,000 VND/kg, an increase of 2,000 VND/kg compared to yesterday. In Gia Lai, pepper prices are being purchased by traders at 113,000 VND/kg, an increase of 3,000 VND/kg. This price is similar to Dak Nong.
In the Southeast region, pepper prices in Ba Ria – Vung Tau and Binh Phuoc are at the same level from 114,000 – 116,000 VND/kg. Pepper price is currently the highest in Ba Ria – Vung Tau with an increase of 5,000 VND/kg compared to yesterday.
According to the Vietnam Pepper and Spice Association, in recent years pepper prices have remained low for a long time, causing the area to decrease. Old pepper gardens are being replaced by other crops, especially durian. In addition, this year’s unusually hot and dry weather caused output to continue to decline sharply. This year’s output is expected to be only about 170,000 tons, down 10% compared to last year, the lowest level in the last 5 years.
The increase in pepper prices is good news for pepper farmers to compensate for the years when prices were too low (2019 and 2020). According to experts, with pepper price developments from the beginning of the year until now, pepper is entering a new price increase cycle. The main reason is the limited global pepper supply.
The Vietnam Pepper and Spice Association predicts that pepper prices will continue to increase in the near future. However, the association also recommends that farmers should not massively expand pepper growing areas, but focus on investing and taking care of intensive farming so that pepper plants can develop sustainably and stably.
Along with the increase in pepper prices, coffee prices also increased significantly. There was a time when the price of coffee reached 130,000 – 140,000 VND/kg. Currently, coffee prices are also fluctuating around 105,000 VND/kg. At current prices, coffee is still bringing in better profits than pepper.
However, recently, both coffee and pepper have been strongly competed by durian. Durian is still bringing in many times more profit than pepper and coffee.
Regarding exports, the Vietnam Pepper and Spice Association said that by the end of April 2024, Vietnam had exported 83,067 tons of pepper of all kinds; of which black pepper reached 73,555 tons, white pepper reached 9,512 tons.
Total pepper export turnover reached 352 million USD. Compared to the same period last year, export volume decreased by 19.4%, but turnover increased by 10.3%. The average export price of black pepper in 4 months reached 4,065 USD/ton, white pepper reached 5,678 USD/ton, up 19.4% for black pepper and 14.5% for white pepper respectively over the same period last year.
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