Update domestic pepper prices
Pepper prices this week fluctuated on Wednesday (January 18) and Thursday (January 19). Compared to the beginning of the week, the price decreased by a total of 1,000 VND/kg.
According to the survey, the lowest price is currently 56,000 VND/kg recorded in Gia Lai province.
Next are the three provinces of Dak Lak, Dak Nong and Dong Nai with the same level of 57,000 VND/kg.
Pepper prices in Binh Phuoc and Ba Ria – Vung Tau at the weekend were at 58,000 VND/kg and 59,000 VND/kg, respectively.
Price movements in the past week. Unit: VND/kg. Synthetic: Thao Vy
Update pepper information
In 2022, global pepper demand will decrease due to high inflation and China’s “Zero COVID” policy. However, the pepper price in 2022 is higher than in 2021, leading to an increase in the value of imports from many markets.
It is forecasted that in the short term, pepper imports of the German, British and French markets will remain low. Europe is facing an energy crisis, causing high inflation and economic decline.
In the long term, the demand for pepper in Europe will increase again when the problems of energy and inflation are resolved, which will have a positive impact on Vietnam’s pepper industry.
Vietnam – EU Free Trade Agreements (EVFTA); Vietnam – United Kingdom (UKVFTA) will help Vietnam’s pepper industry create a more competitive advantage over countries without agreements.
To exploit this great potential market well, Vietnam’s pepper industry needs to build and develop production areas, complying with good agricultural practices and international standards.
At the same time, it is necessary to strengthen control and minimize the use of pesticides in pepper production, in order to create pepper products that meet the requirements of the European market.
It is forecasted that in 2023, Vietnam’s pepper exports will continue to face difficulties in the context that world prices are under pressure due to low consumption demand. Pepper demand will drop sharply in the first quarter of 2023 with a very difficult winter in the EU region, due to the energy crisis.
China’s pepper import demand has not been able to break through strongly, although China has relaxed its “Zero COVID” policy. It is expected that it will not be until the beginning of the second quarter of 2023, the purchasing power of the Chinese market can increase again, according to Government electronic newspaper.
According to VietnamBiz.vn
