Pepper market on November 11, 2023: Continuing to increase, surpassing the threshold of 68,000 VND/kg

Pepper prices today (November 11) were recorded in the range of 66,000 – 69,000 VND/kg in domestic localities after a slight increase in Ba Ria – Vung Tau province.

Domestic pepper prices

According to the survey, pepper price ranges from 66,000 VND/kg to 69,000 VND/kg depending on each key province.

Records show that the purchasing price of pepper in Gia Lai and Dong Nai is 66,000 VND/kg.

At the same time, farmers in Dak Lak and Dak Nong continue to purchase at a general price of 67,000 VND/kg.

Similar, Pepper price today in Binh Phuoc anchored at 68,000 VND/kg. Only Ba Ria – Vung Tau province adjusted the price by 1,000 VND/kg to the highest level of 69,000 VND/kg.

World pepper prices

According to an update from the International Pepper Association (IPC) on November 10 (local time), prices of Lampung black pepper (Indonesia), Brazilian black pepper ASTA 570 and Kuching black pepper (Malaysia) ASTA remain stable. determined.

At the same time of the survey, the price of Muntok white pepper and Malaysian white pepper ASTA has no new adjustments.

Data from the European Statistics Agency (Eurostat) shows that EU pepper imports in the first 7 months of this year only reached 46,839 tons with a value of 235.4 million EUR, down 23.1% (14,073 tons) in quantity and decreased 24.1% in value compared to the same period last year.

Of which, 28,883 tons (equivalent to 62% market share) were imported from foreign markets, down 29.3% over the same period. The remaining 17,956 tons are intra-bloc trade, down 10.4% and accounting for 38% market share.

Notably, Vietnam is the largest pepper supplier to the EU in 7 months with a volume of 17,915 tons, down 21.6% over the same period and accounting for 62% of the EU’s total foreign pepper imports.

EU pepper imports from other major markets also decreased such as: Brazil reached 5,048 tons, down 49%; Indonesia reached 1,736 tons, down 48.8%; India reached 1,698 tons, down 28%…

In the EU, the top pepper import markets in the first 7 months of the year are still Germany, the Netherlands and France with volumes reaching 11,595 tons, 7,177 tons and 6,564 tons, down 31%, 36.4% and 14% respectively. .2% over the same period in 2022.

In general, markets in the EU reduced pepper imports by double digits compared to the same period last year due to the impact of inflation and rising interest rates.

However, Europe is considered a potential consumer market that pepper and spice exporting countries are aiming for in the near future.

Europe is currently one of the world’s largest pepper importers, accounting for about 1/3 of global imports.

Goods imported into the EU are often deeply processed and have high added value. Pepper is considered an important spice in this market. Europe imports mainly black pepper (accounting for 90% of total imports), including whole pepper; The remaining 10% is ground pepper.

For Vietnam, the Vietnam – EU Free Trade Agreement (EVFTA) has opened up great opportunities for the pepper and spice industry with many tax lines enjoying a 0% tax rate, creating a competitive advantage compared to other countries. Other competitors such as Brazil and Indonesia.

The EU is a highly segmented market, products exported to the EU have high added value. Therefore, there is still much potential to increase pepper exports to this market.

According to VietnamBiz.vn