| In addition to business delays in deliveries due to incidents in the Suez Canal, the reduction in imports by China is the reason for the drop in domestic pepper prices. (Source: herbsnspices.vn) |
Update world pepper prices
On the world market, at the end of the last session, spot price of pepper at Kochi – India was at Rs 38,866.65 / quintal, down slightly from yesterday.
The cross rate of Vietnam Dong against the Indian Rupee, which the State Bank applies for calculating import tax and export tax effective from May 6 to 12, 2021 is: 313.36 VND / INR.
Domestic pepper prices
Today’s pepper prices in the domestic market were traded at VND 63,000 – 68,500 / kg in localities.
Specifically, today’s pepper price in Gia Lai was the lowest in the market at VND 63,000 / kg.
Today’s pepper prices in Dong Nai provinces (65,000 VND / kg); Dak Nong, Dak Lak (67,000 VND / kg); Binh Phuoc (67,500 VND / kg) and Ba Ria – Vung Tau were at the highest threshold of 68,500 VND / kg.
Contrary to the continuous increase in prices in the first quarter of 2021, from April 2021 up to now, pepper prices have gone downwards. It is forecasted that prices will continue to decline over the next few months.
In terms of prices, in April 2021, spot pepper prices on the Kochi (Indian market) fluctuated erratically in a relatively narrow range, but in general, the price was still high, over Rs 39,000 / quintal. (525.74 USD / quintal).
The Import and Export Department (Ministry of Industry and Trade) assessed that global pepper prices have slowed down after a sharp increase in the previous time. It is forecasted that in the coming time, pepper prices are likely to decrease due to concerns about the Covid-19 epidemic, many countries expanding social gap, and decreasing consumption demand.
Regarding domestic pepper prices, in addition to the delayed delivery by businesses due to the Suez Canal incident, the decrease in imports by China was the reason for the drop in pepper prices.
From the perspective of exporting enterprises, Mr. Phan Minh Thong, Chairman of the Board of Directors of Phuc Sinh Group, shared that over the past time, rising logistics costs have seriously affected the profitability of businesses. Specifically, logistics costs have taken away 70% of the profits of the business. Freight rates soar while containers are not available for shipping.
Leaders of Phuc Sinh Group said that in May and June, pepper prices will fall further to about 60,000 – 65,000 VND / kg. That is because the pressure of delivery is not high. Next, in July, August, the countries of Indonesia and Brazil in the harvest will make pepper more plentiful.
According to BQT
