Domestic pepper prices today unexpectedly dropped below VND140,000/kg. The average purchase price was VND138,400/kg, down by VND4,000 compared to yesterday. IPC has slightly increased the price of Indonesian pepper and sharply reduced the price of Malaysian pepper.
> See world pepper prices
Highlights:
– According to the Vietnam Pepper and Spice Association (VPSA), in July 2024, Vietnam exported 21,771 tons of pepper of all kinds, including 19,371 tons of black pepper and 2,400 tons of white pepper. With export turnover in July reaching 129.9 million USD, black pepper reached 112.2 million USD, white pepper reached 17.7 million USD. In the first 7 months of the year, our country exported 164,357 tons of pepper of all kinds, including 145,330 tons of black pepper and 19,027 tons of white pepper. Total export turnover in 7 months reached 764.2 million USD, black pepper reached 652 million USD, white pepper reached 112.2 million USD.
– According to VPSA, in 2024, the economy will grow lower than expected, people’s spending needs will tighten or inventories will still be sufficient, causing China to continue to limit the purchase of pepper from Vietnam. Low demand from the Chinese market has caused pepper prices in the domestic market to not increase as strongly as expected. Currently, pepper prices in the Chinese market are lower than those in Vietnam, which may be the main reason for restricting pepper imports from Vietnam.
– Global pepper supplies are replenished as Indonesia enters its harvest season, which begins this July. However, Brazil, the world’s second-largest black pepper producer, is facing a continuous crop failure due to drought.
According to Pham Hoa (Vinanet)
