Pepper price tends to increase due to limited supply

In the world market, the pepper price on July 8 at Kochi-India slight increased 33.3 rupees/quintal to 41,933.35 rupee/quintal.

The State Bank of Vietnam quoted cross rates of VND versus Indian Rupees (INR) for tax evaluation for the period from July 1, 2011, to July 8, 2011, is 311.99 VND/INR

In June 2021, the pepper price dropped in India and Indonesia was stabilised in Malaysia but increased in Vietnam and Brazil.

In the domestic market, pepper price on July 8 was the same as that of yesterday morning. 

In the Central Highland provinces of Dak Lak and Dak Nong, pepper is traded at VND 74,000 per kg.

In the Central Highland province of Gia Lai, pepper is traded at VND 73,000 per kg.

In the southern province of Dong Nai, pepper is traded at VND 72,500 per kg.

In the central province of Ba Ria-Vung Tau, pepper is traded at VND 75,500 per kg.

In the southern province of Binh Phuoc, pepper is traded at VND 74,500 per kg.

Vietnam exported about 34,000 tonnes of pepper worth US$ 120 million last month, marking an increase of 21.6 per cent in volume and 25.2 per cent in value compared with those of May 2021.

Meanwhile, compared with pepper export volume and export value of the same period last year, June 2021 saw an increase of 68.5 per cent in volume and 156.9 per cent in value.

In the first six months of this year, Vietnam exported 155,000 tonnes of pepper worth US$ 500 million, marking a decline of 6.7 per cent in volume but an increase of 40.6 per cent in value compared with those of the same period last year.

It was projected that Vietnam’s pepper export will have advantages in the coming time thanks to increasing demand from importers. Pepper price tends to increase due to limited supply.

According to the Ministry of Trade and Industry, Vietnam’s pepper production this year decrease nearly 30 per cent. The shortage of empty containers for exports to the US and EU delayed shipments and caused the shortage of pepper in some certain areas.

However, according to the General Statistics Office under the Ministry of Investment and Planning, the country’s pepper production in the first half of 2021 was 271,700 tonnes, 3.1 per cent higher than that of the same period last year.

The Ministry of Trade and Industry and Vietnam Pepper Association more exactly projected the pepper production of Vietnam in 2020 with 240,000 tonnes and an increase of 15 per cent compared with that of 2019.

Currently, Vietnam’s farming products prices are quite stable with an unchanged price of pepper and an increase of VND 300-400 per kilo to coffee.

So, pepper prices today, July 8 in the domestic market fluctuated around the threshold between VND 72,500/kg and 75,500/kg.