According to the survey, pepper prices today fluctuate between 92,500 – 95,000 VND/kg.
Accordingly, after a reduction of 500 VND/kg, traders in Dak Lak and Dak Nong are purchasing pepper at a price of 94,500 VND/kg, on par with Binh Phuoc.
Meanwhile, Ba Ria – Vung Tau province increased by 1,000 VND/kg to the highest level in the region of 95,000 VND/kg.
At the same time of the survey, Gia Lai and Dong Nai provinces maintained pepper purchasing prices unchanged at 92,500 VND/kg.
|
Province/district (survey area) |
Purchasing price (Unit: VND/kg) |
Change compared to yesterday (Unit: VND/kg) |
|
Dak Lak |
94,500 |
-500 |
|
Gia Lai |
92,500 |
– |
|
Dak Nong |
94,500 |
-500 |
|
BA Ria Vung Tau |
95,000 |
+1,000 |
|
Binh Phuoc |
94,500 |
– |
|
Dong Nai |
92,500 |
– |
World pepper prices
According to an update from the International Pepper Association (IPC) on March 11 (local time), Lampung black pepper prices (Indonesia), Brazilian black pepper prices ASTA 570 and Kuching black pepper prices (Malaysia) ASTA were stable compared to with March 8
|
Type name |
World black pepper price list (Unit: USD/ton) |
||
|
March 8 |
March 11 |
% change |
|
|
Lampung black pepper (Indonesia) |
3,992 |
3,992 |
0 |
|
Brazilian black pepper ASTA 570 |
4,100 |
4,100 |
0 |
|
Kuching black pepper (Malaysia) ASTA |
4,900 |
4,900 |
0 |
At the same time of the survey, Muntok white pepper prices and Malaysian ASTA white pepper prices had no new adjustments.
|
Type name |
World white pepper price list (Unit: USD/ton) |
||
|
March 8 |
March 11 |
% change |
|
|
Muntok white pepper |
6,179 |
6,179 |
0 |
|
ASTA Malaysian white pepper |
7,300 |
7,300 |
0 |
At the international conference of Vietnam’s pepper and spice industry – VIPO 2024 held on March 8-10, Mr. Jasvinder Singh Sethi CEO and Founder of Namagro Vietnam Company said that global pepper consumption demand is about 600,000 – 700,000 tons.
This demand is met through imports and domestic cultivation. Asia consumes the most pepper in the world with 400,000 tons, of which half is imported and the other half is self-produced. America consumes 110,000 tons, of which 90,000 tons are imported from other countries, while Europe imports almost all.
Regarding supply, he cited forecasts from the International Pepper Association (IPC) saying that worldwide pepper production will decrease by about 2% in 2024.
Not out of the trend, Vietnam’s pepper output may decrease to about 170,000 tons, but exports can still reach about 240,000 tons. Brazil’s output will decline more sharply due to issues related to climate change.
According to CEO Namagro Vietnam, two important factors to evaluate output are productivity and harvested area.
Productivity depends on the weather and the farmer’s own motivation. If farmers believe that growing pepper brings great profits, they will put in the effort to care for it and improve productivity. However, prices have been low in recent years along with expensive input costs, leading to farmers not having much incentive to persevere in pursuing pepper.
In Vietnam, since 2017 there have been no new growing areas, and in some areas, farmers have switched to growing other crops.
All of this will cause supply shortages in the future. In addition, the phenomena of El Nino, La Nina and geopolitical instability further aggravate the situation.
Regarding the pepper market, Mr. Jasvinder Singh Sethi also noted that it is not simply necessary to assess supply and demand, but also to assess the geopolitical conflict of a region that affects the supply and demand of that region and surrounding areas. near or not.
Regarding prices, through synthesizing data, he observed that there is a rule repeated three times in the past 50 years, that every time demand is greater than supply, prices also skyrocket, conversely when supply is greater than demand, prices will decrease and maintain at the bottom.
Pepper prices are currently stable and may increase in the near future. Supply still cannot meet demand.
According to VietnamBiz.vn
