Pepper price today July 15, 2024, in the Southeast region, trading slowed down in some localities, trading around 150,400 VND/kg, the highest buying price in the provinces of Ba Ria - Vung Tau, Dak Nong is 151,000 VND/kg.
Specifically, the price of Dak Lak pepper was purchased at 150,000 VND/kg, the same price as yesterday. Chu Se pepper price (Gia Lai) continues to stand at 150,000 VND/kg. Dak Nong pepper price today also remained stable at 151,000 VND/kg.
In the Southeast region, pepper prices today have similar developments. Specifically, in Ba Ria - Vung Tau copper stabilized at 151,000 VND/kg; In Binh Phuoc, pepper price today remains at 150,000 VND/kg.
Thus, pepper prices on the first day of the week are anchored at a relatively high price after many days of mixed increases and decreases. Currently, pepper prices are trending towards 152,000 VND/kg. In all localities, pepper prices are at 150,000 VND/kg or more. The highest pepper price was recorded at 151,000 VND/kg.
Pepper prices during the week went around and returned to their old position. The first two days, pepper prices in the regions increased sharply by 3,000 VND/kg, the next two days fluctuated slightly by 1,000 VND/kg in some localities, and the last two days simultaneously decreased by 2,000 VND/kg.
According to data from the Department of Crop Production (Ministry of Agriculture and Rural Development), at the end of 2017, the whole country had a pepper area of 153,000 hectares. However, by 2023, the pepper growing area will only be 115,000 hectares due to oversupply in the previous cycle, which caused pepper prices to drop, pepper growers suffered heavy losses and were forced to destroy their gardens. This is causing pepper output to decrease rapidly, helping pepper prices stay high.
The global pepper market size is valued at 5.43 billion USD, forecast to grow on average more than 20% in the period 2024 - 2032. Vietnam's current problem is how to stabilize pepper output. at a level of 170,000 - 190,000 tons to maintain the position of Vietnamese pepper in the world market.
The Vietnam Pepper and Spice Association (VPSA) believes that the core issue in maintaining pepper area and output is to ensure good prices for farmers so they continue to stick with this crop.
Although pepper prices are around the high price range, people are still not interested in expanding the area of pepper cultivation again.
The Vietnam Pepper and Spice Association quoted experts as saying that signs of supply shortage compared to demand will continue to be recorded in the near future until the end of the season.
At the end of the most recent trading session, the International Pepper Community (IPC) listed Lampung (Indonesia) black pepper price at 7,211 USD/ton (up 0.96%); Brazilian black pepper price ASTA 570 was at 7,150 USD/ton (down 1.37%); Kuching (Malaysia) ASTA black pepper price is 7,500 USD/ton.
Muntok white pepper price 9,182 USD/ton (up 0.97%); Malaysian ASTA white pepper price is at 8,800 USD/ton.
Vietnam black pepper prices simultaneously kept their prices at a high mark, trading at 6,000 USD/ton for 500 g/l type; type 550 g/l at 6,600 USD/ton; White pepper price is at 8,800 USD/ton. IPC keeps pepper prices unchanged in Indonesia, Brazil, and Vietnam.
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