On July 3, 2024, the price of pepper in the Southeast decreased from 2,000 to 5,000 VND per kg. The highest purchase price in Ba Ria-Vung Tau and Binh Phuoc is 155,000 VND/kg.
In Dak Lak, pepper is traded at 154,000 VND/kg, a decrease of 3,000 VND/kg compared to yesterday’s price. The price of pepper in Chu Se (Gia Lai) is now at 154,000 VND/kg, down 2,000 VND/kg compared to yesterday. The price of Dak Nong pepper is 152,000 VND/kg, a decrease of 5,000 VND/kg.
In the Southeast, the pepper price is down by 2,000 VND/kg. Specifically, in Ba Ria – Vung Tau and Binh Phuoc, the price has decreased by 2,000 VND to 155,000 VND/kg.
Pepper prices in the domestic market today decreased sharply compared to yesterday. In all localities, the price of pepper is around 152,000 VND/kg. The highest price was recorded at 155,000 VND/kg.
Pepper prices have decreased sharply these days.
Since the beginning of the year, the price of Vietnamese pepper has increased sharply. Especially in the first half of June, the price peaked at 180,000 VND/kg on June 12. Many people expect pepper to return to its golden age.
However, after the peak, the pepper price has been unstable, fluctuating between 140,000 and 160,000 VND/kg. But it is still considered a record high for the past 8 years. The high price makes people very excited to take care of their pepper garden.
According to many farmers in pepper-growing areas, despite the price increase, growers have not benefited much because most perennial pepper gardens have been replaced by durians and some other crops with higher economic value. On the other hand, due to climate change, productivity has decreased sharply in recent years, averaging 20–30%.
Industry experts forecast that the price of pepper will continue to increase. However, the current price is still not attractive enough for people to sell. Thanks to the high prices of durian and coffee, farmers have enough financial capacity to store pepper.
The market is now dominated by speculation. This situation leads a number of exporters to suspend the purchase of pepper to balance the market.
Some enterprises look for pepper supplies from other countries, such as Brazil and India, to complete signed contracts. But the high USD exchange rate and 2-3 times higher sea transport costs cause significant difficulties for pepper exporters.
The increase in pepper prices in the context of increasing prices of agricultural products simultaneously is also a good signal for farmers not to rush to grow pepper as in the past. At the same time, they will have better conditions to take care of their pepper gardens in a sustainable way, adapt to climate change, and increase production.
In the next 3–5 years, pepper production cannot meet the world’s demand yet. Transportation costs are forecast to rise rapidly and remain high until 2025. However, there are still signs that the market will develop sustainably in the coming time, especially in the fourth quarter of 2024 and the first quarter of 2025. /.