The pepper price on June 01, 2023, was in the range of 72,500 – 75,500 VND/kg. The pepper market continues to have an impressive month of growth among concerns of reduced supply in leading producing countries. In addition, the amount of pepper purchased by China is a factor supporting the market.
Pepper price on June 01, 2023 increased to 6,000 VND/kg compared to May 2023.
In Dak Lak and Dak Nong, pepper is purchased at 74,000 VND/kg.
In Gia Lai, the pepper price is 72,500 VND/kg.
Meanwhile, in Dong Nai, the pepper price is 73,000 VND/kg.
In Ba Ria – Vung Tau, the pepper price is 75,500 VND/kg.
And in Binh Phuoc, pepper is purchased at 75,000 VND/kg.
Pepper prices today stay stable in localities compared to the same time yesterday. By the end of May 2023, pepper prices in the domestic market increased by 5,500 – 6,000 VND/kg on average. In April 2023, pepper prices increased by 2,500 to 4,000 VND/kg.
The pepper market continues to have an impressive month of growth among concerns of reduced supply in leading producing countries. In addition, the amount of purchases by China continues to be a supporting factor for the market.
In May 2023, purchasing units continuously had many rounds of purchasing. This pushes the domestic market to conquer 70,000 and 75,000 VND/kg marks. At the end of the month, the decreased purchasing force along with the strong USD caused the market to decline slightly, but then rose again soon after.
At the end of the last trading session, the International Pepper Community (IPC) listed the price of black pepper Lampung (Indonesia) at 3,581 USD/ton, down 0.22%; Brazilian black pepper Asta 570 at 2,950 USD/ton; black pepper Kuching (Malaysia) Asta at 4,900 USD/ton.
The price of white pepper Muntok is 6,091 USD/ton, down 0.23%; The price of Malaysian white pepper Asta remains at 7,300 USD/ton.
Vietnam black pepper is traded at 3,500 USD/ton for 500 g/l and 550 g/l at 3,600 USD/ton; White pepper price is 5,000 USD/ton.
Although the prices in the domestic market have continuously increased, the International Pepper Community has not changed the export price of Vietnam in recent weeks. The last time this organization adjusted Vietnam’s export pepper prices was on May 5, 2023, with an increase of 6.43%, 7.64%, and 3.4% for black pepper of 500 g/l, 550 g/l, and white pepper, respectively.
The Ministry of Industry and Trade forecast that the world pepper market will still face difficulties in the rest of the second quarter of 2023 due to the slowdown in consumer demand in major economies such as the EU, the US, the UK, and Japan.
Economic difficulties, high inflation, prolonged geopolitical tensions, and instability in financial markets are believed to be the reasons for the decline in pepper demand. However, on the contrary, China’s increased consumption demand is a factor that helps support the market./.