Indonesia and Vietnam have just agreed to work together to find ways to stabilize pepper prices in the international market, thereby raising their position to become the two largest pepper supplying countries in the world.
The two sides reached an agreement during a working session between Indonesian President Joko Widodo and General Secretary Nguyen Phu Trong on August 23, 2017. This working session is within the framework of General Secretary Nguyen Phu Trong’s two-day visit to Jakarta.
Mr. Jokowi said at the meeting: “As a major producer of pepper and rubber in the world, we agreed to take tough measures to control and maintain the stability of commodity prices. as well as improve the quality of goods of the two countries”.
In recent months, pepper prices in the world in general and in Vietnam and Indonesia in particular have continuously decreased and are currently trading at quite low prices compared to the first months of this year.
According to Nedspice Sourcing Company, recently, pepper prices have fallen sharply but not as sharply as the previous historical plunge of pepper and other commodities. During the most crisis period of the pepper market, the price of this commodity fell by an average of 78%.
Currently, black pepper and white pepper in the market are priced at 4,000 and 7,500 USD/ton, respectively, about half the price recorded in 2015. The reason is, Vietnam and Brazil also increased sharply in production. pepper quantity.
According to data from Nedspice, Vietnam, which accounts for about 40% of global pepper production, is expected to produce 210,000 tons of pepper this year, up 27% over last year.
Meanwhile, pepper production of Indonesia, the world’s second largest pepper producer, is also forecast to increase by 4.6% year-on-year to 68,000 tons this year.
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