Vietnamese pepper prices see strong upward trend

The Vietnam Pepper and Spice Association has expected pepper prices to continue rising every week.
The pepper prices have surged to levels ranging from 119,000-120,000 VND per kilo. (Photo: vnbusiness.vn)

The pepper prices have surged to levels ranging from 119,000-120,000 VND per kilo. (Photo: vnbusiness.vn)

The Vietnam Pepper and Spice Association has expected pepper prices to continue rising every week.

The association predicts that prices could hit new peaks of 350,000 - 400,000 VND per kilo - and even from this high base, increases will continue for the next decade.

Although prices could fluctuate day by day, they are still on upward trend in the long term.

Pepper prices on May 27 surged to levels ranging from 119,000-120,000 VND per kilo in Dak Lak, Dak Nong, Gia Lai, Dong Nai, Ba Ria-Vung Tau and Binh Phuoc provinces.

Experts said that this week the domestic and international pepper prices will not increase as fast as they did last week, but the market is not ready to cool down and it is likely to anchor at over 120,000 VND per kilo.

Shortage of empty containers has pushed marine freight costs up by an average of about 30% in recent weeks. This too has pushed up the price of agricultural products, including pepper.

Last week, the pepper prices increased by 9,000 per kilo, over a total of five consecutive days.

This represents a price increase of 80,000 VND per kilo, or 238%, from a low of 34,000 VND per kilo in 2020.

Prices are also being pushed by demand outstripping supply and worryingly, while experts believe that the demand for spices will continue to increase, many Vietnamese pepper growing areas are barren, so there is not much room for expansion.

The volume of raw pepper sold on the market is also still low, because the pepper growers expect prices to continue to increase.

Last week, trading sessions of the International Pepper Community (IPC) showed big fluctuations.

Vietnamese black pepper was traded at 4,800-5,000 USD per tonne, depending on each type, while white pepper price was at 7,200 USD per tonne.

That price was at 5,000 USD per tonne for Lampung (Indonesia) black pepper and Brazilian black pepper and 4,900 USD per tonne of Kuching (Malaysia) ASTA black pepper.

Trade in white pepper showed a price increase to 7,179 USD per tonne of Muntok (Indonesia) white pepper and 7,300 USD per tonne of Malaysian ASTA white pepper./.

Source: VNA
en.vietnamplus.vn

Related News

Latest News

Import-export turnover reached nearly US$65 billion in May

Import-export turnover reached nearly US$65 billion in May

VCN - Import and export in May continued to remain at a high level and was the month with the second highest turnover in the first 5 months of the year.
Russia’s Far East potiential destination for Vietnamese businesses: official

Russia’s Far East potiential destination for Vietnamese businesses: official

There is ample room to promote trade between Vietnam and Russia’s Far East, head of the Vietnam Trade Office Branch in the Far East region Nguyen Hong Thanh said in an interview with the Vietnam News Agency (VNA) ahead of the state visit to Vietnam by President Vladimir Putin.
Exports up 13.8% in first half: ministry

Exports up 13.8% in first half: ministry

Vietnam’s exports expanded about 13.8% year-on-year in the first half of this year, and imports rose 18.4%, the Ministry of Industry and Trade (MoIT)’s Planning and Finance Department said at a press conference in Hanoi on June 19.
Seafood businesses clearly point out barriers affecting exports

Seafood businesses clearly point out barriers affecting exports

VCN - Many seafood businesses have mentioned barriers that are affecting exports that need to be removed.

More News

Many exported seafood products have experienced high growth

Many exported seafood products have experienced high growth

VCN - Except for shrimp products, which decreased slightly, all exported seafood products in May 2024 all grew well, including many products with high double-digit growth spurts.
Export turnover increases over 14.9%

Export turnover increases over 14.9%

VCN - By the end of May, export activities maintained a double-digit increase with a turnover of US$156.28 billion.
Rice exports to China drop sharply

Rice exports to China drop sharply

VCN - While the amount of rice exported to Southeast Asian markets increased sharply, the results in the Chinese market were the opposite.
Germany supports Vietnam’s garment industry in green transformation

Germany supports Vietnam’s garment industry in green transformation

Five pilot projects on green technology for Vietnamese textile and garment exporters went on show at the ‘For a Sustainable Garment and Textile Industry in Vietnam’ show held in Hanoi on June 17.
Tuna exports expected to grow by 20% in H1

Tuna exports expected to grow by 20% in H1

Tuna exports are projected to reach 456.8 million USD in the first half of 2024, a year-on-year increase of 20%, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Recovery underway, businesses need to accelerate credit

Recovery underway, businesses need to accelerate credit

VCN - In recent directives, the monetary policy regulatory body continues to urge banks to implement practical and effective solutions to strive for credit growth across the system, aiming for a 5-6% increase by the end of Q2 2024.
Seafood exports in 2024 aim for US$10 billion

Seafood exports in 2024 aim for US$10 billion

VCN - On June 10, 2024, at the 2024 General Assembly of Members held by the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood enterprises and regulatory agencies proposed numerous solutions to achieve the goal of US$10 billion in exports for 2024.
New opportunities for Vietnam-Russia trade

New opportunities for Vietnam-Russia trade

The upcoming official visit to Vietnam by Russian President Vladimir Vladimirovich Putin is expected to open up new opportunities in bilateral relations, aiming towards the prosperous development for both sides.
MoIT launches anti-dumping probe into galvanised steel originating from China, RoK

MoIT launches anti-dumping probe into galvanised steel originating from China, RoK

The Ministry of Industry and Trade (MoIT) has requested an investigation and application of anti-dumping measures against some galvanised steel products originated from China and the Republic of Korea (RoK).
Read More

Your care

Latest Most read
Import-export turnover reached nearly US$65 billion in May

Import-export turnover reached nearly US$65 billion in May

Import and export in May continued to remain at a high level and was the month with the second highest turnover in the first 5 months of the year.
Russia’s Far East potiential destination for Vietnamese businesses: official

Russia’s Far East potiential destination for Vietnamese businesses: official

There is ample room to promote trade between Vietnam and Russia’s Far East, head of the Vietnam Trade Office Branch in the Far East region Nguyen Hong Thanh said in an interview with the Vietnam News Agency (VNA) ahead of the state visit to Vietnam by President Vladimir Putin.
Exports up 13.8% in first half: ministry

Exports up 13.8% in first half: ministry

Vietnam’s exports expanded about 13.8% year-on-year in the first half of this year, and imports rose 18.4%, the Ministry of Industry and Trade (MoIT)’s Planning and Finance Department said at a press conference in Hanoi on June 19.
Seafood businesses clearly point out barriers affecting exports

Seafood businesses clearly point out barriers affecting exports

VCN - Representing seafood businesses at the recently held all-member conference, Mr. Truong Dinh Hoe, General Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP), said the export forecast Aquaculture in the future will be full
Many exported seafood products have experienced high growth

Many exported seafood products have experienced high growth

Except for shrimp products, which decreased slightly, all exported seafood products in May 2024 all grew well, including many products with high double-digit growth spurts.
Mobile Version