Pepper prices on 11/16/2023: No change domestically

Pepper prices on 11/16 in the world

In the world, the pepper market on November 16 continued to increase in Indonesia but remained flat in other countries.

Accordingly, the price of Lampung black pepper in Indonesia increased by 1.24%; up to $ 4,128/ton. The price of Muntok white pepper in this country also increased sharply by 1.25%, up to $ 6,255/ton.

Malaysia's Kuching ASTA black pepper priceremained stable at $ 4,900/ton; The price of ASTA white pepper in this country is still priced at $ 7,300/ton. 

For the Brazilian market, the price of ASTA 570 black pepper remained at $ 3,100/ton.

In Vietnam, export prices of 500 and 550 g/l black pepper are at $ 3,500 and $ 3,600/ton, respectively. The export price of white pepper remained at $ 5,10/ton.

World pepper prices continue to increase strongly in Indonesia and remain stable in other markets.

In the coming months, the global pepper supply will be deferred for the Indian harvest in December. However, this crop is forecast to fail due to lack of rainfall, which has affected the growth and development of the tree. In addition, this country's domestic pepper consumption demand has exceeded supply. Therefore, India's pepper exports have been greatly reduced for a long time, mainly serving domestic consumption. 

The market is also waiting for Vietnam's pepper harvest next year. The crop is expected to start after the Lunar New Year 2024. However, there are also many predictions that this year's pepper crop output will decrease sharply. The reason is that the planted area has decreased and the productivity in many areas is not high, this is due to careless fertilization even when pepper profits are low.

Thus, world pepper prices on 11/16/2023 increased sharply in Indonesia compared to yesterday.

Pepper prices on 11/16 in the country

Domestically, the pepper market price on November 16 had no new fluctuations compared to yesterday.

Specifically, Dak Lak and Dak Nong continue to purchase at VND 68,500/kg;

In Gia Lai, pepper prices are still trading at VND 67,500/kg;

In Dong Nai, traders still purchase at VND 67,500/kg;

The latest pepper price in Ba Ria - Vung Tau remains around VND 70,500/kg;

Binh Phuoc continues to trade at around VND 69,500/kg.

Domestic pepper prices today remained stable after 2 consecutive days of increase, with the highest price level reaching VND 70,500/kg. In the past 2 days, the domestic pepper market price has increased by VND 500 - 1,500/kg (depending on each region).

On relating forums, Vietnamese pepper producers commented that European and American customers are releasing their inventories for gradual use and they must step up purchases for the last months of the year. According to assessments, inventory in this area is low.

To maintain the number one position and gradually affirm the Vietnamese pepper brand, we have no choice but to move towards sustainable production, in which organic pepper production is emphasized and encouraged to develop. In fact, the above orientation has been implemented for many years in some key growing areas, and the trend will spread to other farming areas across the country. 

According to VPA, from 2020 onwards, people in the country have gradually become aware of the dangers of developing pepper production against natural laws. Along with the development of science and information technology, natural and organic production forms have gradually been accepted by farmers and have initially shown positive signs.

Technical advances in developing organic agriculture and a circular economy on pepper are applied with the goals of controlling inputs and strictly following production processes, reducing production costs.

To fully promote the advantages of natural agrochemical soil conditions that are already very suitable for pepper plants to grow, plus the rich tradition and experience in pepper production of farmers.

Thus, the domestic pepper price on 11/16/2023 is trading around VND 67,500 - 70,500/kg.

$ 1 = VND 24.085 - Source: Vietcombank

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