Pepper prices today (November 16) were recorded in the range of 67,500 – 70,500 VND/kg after a slight increase in key provinces in the country.
Domestic pepper prices
According to the survey, pepper price in the domestic market increased from 500 VND/kg to 1,000 VND/kg to about 67,500 – 70,500 VND/kg.
Specifically, Gia Lai and Dong Nai increased by 1,000 VND/kg and 500 VND/kg respectively to the same level of 67,500 VND/kg.
At the same time, two provinces in Dak Lak and Dak Nong also adjusted prices to increase by 1,000 VND/kg, currently purchasing pepper at a price of 68,500 VND/kg.
Similar, Pepper price today in Binh Phuoc and Ba Ria – Vung Tau are currently recorded at 69,500 VND/kg and 70,500 VND/kg, respectively, an increase of 500 VND/kg.
|
Province/district (survey area) |
Purchasing price (Unit: VND/kg) |
Change compared to yesterday (Unit: VND/kg) |
|
Dak Lak |
68,500 |
+1,000 |
|
Gia Lai |
67,500 |
+1,000 |
|
Dak Nong |
68,500 |
+1,000 |
|
BA Ria Vung Tau |
70,500 |
+500 |
|
Binh Phuoc |
69,500 |
+500 |
|
Dong Nai |
67,500 |
+500 |
World pepper prices
According to an update from the International Pepper Association (IPC) on November 15 (local time), the price of Lampung black pepper (Indonesia) increased by 1.24% compared to November 14.
At the same time, the price of Brazilian black pepper ASTA 570 and Kuching (Malaysia) ASTA black pepper remained stable.
|
Type name |
World black pepper price list (Unit: USD/ton) |
||
|
November 14 |
November 15 |
% change |
|
|
Lampung black pepper (Indonesia) |
4,077 |
4.128 |
1.24 |
|
Brazilian black pepper ASTA 570 |
3,450 |
3,450 |
0 |
|
Kuching black pepper (Malaysia) ASTA |
4,900 |
4,900 |
0 |
At the same time of the survey, the price of Muntok white pepper increased by 1.25% compared to the previous session, while Malaysian ASTA white pepper prices had no new adjustments.
|
Type name |
World white pepper price list (Unit: USD/ton) |
||
|
November 14 |
November 15 |
% change |
|
|
Muntok white pepper |
6.177 |
6,255 |
1.25 |
|
ASTA Malaysian white pepper |
7,300 |
7,300 |
0 |
According to the latest report of Department of Import and Export (Ministry of Industry and Trade)in the first months of 2023, most major economies in the world reduced pepper imports due to low consumption demand.
Economic recession, persistently high inflation, and geopolitical tensions are said to be the reasons why pepper consumption demand in the last months of this year will not improve.
According to Eurostat, EU pepper imports from the world in the first 6 months of 2023 reached 200.52 million EUR (equivalent to 211.7 million USD), down 25.1% over the same period last year.
The downward trend continues in July 2023, down 16.8% compared to July 2022, reaching 34.8 million EUR (equivalent to 36.7 million USD).
In particular, the EU sharply reduced pepper imports from Vietnam. Vietnam’s pepper market share in the EU’s total import turnover from the world accounts for 30.05% in the first 6 months of 2023 and accounts for 31.39% in July 2023.
According to the US International Trade Commission, in the first 6 months of 2023, this country imported pepper from the world to 155.6 million USD, down 30.3% over the same period last year.
The trend of decreasing imports continued in July and August, decreasing by 28.2% and 38.1% respectively over the same period last year.
In general, the world pepper market will still face difficulties in the fourth quarter of 2023 due to low consumption demand in major economies such as the EU, US, UK, Japan, China…
Economic difficulties, inflation remaining high, and prolonged geopolitical tensions are said to be the cause of reduced pepper consumption demand.
According to VietnamBiz.vn
