Today, August 7, 2024, pepper prices in the domestic market unexpectedly dropped sharply in key producing areas, trading at 140,000 – 141,000 VND/kg.
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| Pepper prices today, August 7, 2024: The market is experiencing unexpected developments, with Vietnamese pepper exports to the world's most populous country plummeting. Here's why. (Source: Getty) |
Today, August 7, 2024, pepper prices in the domestic market unexpectedly dropped sharply in key producing areas, trading at 140,000 – 141,000 VND/kg.
Specifically, the price of pepper today in Gia Lai is 140,000 VND/kg.
Today's pepper prices in the provinces of Dong Nai (141,000 VND/kg); Dak Lak (141,000 VND/kg); Dak Nong (141,000 VND/kg); Ba Ria - Vung Tau (141,000 VND/kg) and Binh Phuoc (141,000 VND/kg).
Thus, after a period of sideways movement, domestic pepper prices unexpectedly dropped sharply today in key producing regions. The highest price reached 141,000 VND/kg.
According to the Vietnam Pepper and Spice Association (VPSA), in July 2024, Vietnam exported 21,771 tons of various types of pepper, with a total value of US$129.9 million. Compared to June, export volume decreased by 22.7%, and value decreased by 7.9%. Compared to the same period in July 2023, export volume increased by 43.7%, and value increased by 128.9%.
The average export price of black pepper in July reached US$5,861/ton, and white pepper reached US$7,558/ton, an increase of 15.7% for black pepper and 9.2% for white pepper compared to the previous month.
The US remained Vietnam's largest export market in the month, accounting for 27.2% with 5,914 tons, followed by the UAE (2,509 tons), Germany (1,415 tons), the Netherlands (940 tons), and France (936 tons). Exports to China reached only 606 tons, a decrease of 76.5% compared to June.
In the first seven months of the year, Vietnam exported 164,357 tons of various types of pepper, with a total value of US$764.2 million. Compared to the same period in 2023, export volume decreased by 2.2%, however, export value increased by 40.8%. The average export price of black pepper in the first seven months reached US$4,568/ton, and white pepper reached US$6,195/ton, increasing by US$32.7% for black pepper and US$25.0% for white pepper compared to the same period last year.
The US was Vietnam's largest pepper export market in the first seven months, increasing by 48.4% and accounting for 26.4% of the market share, reaching 43,349 tons. Following the US were Germany: 10,941 tons, up 97.3%; UAE: 10,897 tons, up 39.2%; India: 8,744 tons, up 39.7%; China ranked fourth with 8,059 tons, a decrease of 84.6% compared to the same period last year.
According to VPSA, in 2024, China's slower-than-expected economic growth, tighter consumer spending, or sufficient existing inventory are among the reasons why the country continues to restrict pepper purchases from Vietnam. Additionally, the increase in pepper prices in the domestic market has not met expectations due to low demand from a market with over a billion people. Currently, pepper prices in the Chinese market are lower than in Vietnam, which may be the main reason for the restrictions on pepper imports from Vietnam.
According to Chinese customs data, Vietnam was the second largest supplier of pepper to the world's second-largest economy (after Indonesia) in the first half of this year with 1,515 tons, down 7.6% compared to the same period last year. At the same time, Vietnam's market share in China accounted for 32.7%, down from 36.5% in the same period last year.
The average price of imported pepper into the Chinese market in June was over $4,400 per ton, up 22% compared to the same period last year but down 7.4% compared to May.
Source: https://baoquocte.vn/gia-tieu-hom-nay-782024-thi-truong-dien-bien-bat-ngo-tieu-viet-sang-quoc-gia-ty-dan-giam-manh-day-la-ly-do-281580.html
