According to price survey systems, pepper prices in the domestic market on February 21, 2024 increased by 2,000 VND/kg compared to February 20. Currently, the prices are fluctuating between 86,500 – 89,500 VND/kg. Specifically, in Dong Nai, pepper price increased by 2,000 VND/kg, to 87,000 VND/kg. The price of pepper in Ba Ria – Vung Tau increased by 2,000 VND/kg, to 89,000 VND/kg. Meanwhile, the price of pepper in Binh Phuoc increased by 1,500 VND/kg, to 89,500 VND/kg – the highest level in the country.
“Pepper prices are rising again this year, however, farmers are not under pressure to sell early like in previous years. Because the prices of coffee and durian are rising too, many households have stable incomes” said Mr. Hoang Phuoc Binh – Permanent Vice Chairman of Chu Se Pepper Association, Gia Lai. The pepper harvest is ongoing. With the current increase, farmers are excited and have high expectations for this year’s crop.
Pepper prices rise, farmers are not in a hurry to sell.
According to the Department of Agriculture and Rural Development of Gia Lai, by the end of 2023, the province will have 8,798 ha of pepper, with an output of about 28,580 tons. In the 2024 harvest, pepper prices are recovering and rising again, bringing many expectations to growers.
In the world pepper market, according to an update from the International Pepper Association (IPC) on February 20, the price of black pepper Lampung (Indonesia) decreased by 0.18% compared to February 19.
In parallel, the price of Brazil’s black pepper ASTA 570 and Kuching (Malaysia) ASTA remained stable. Specifically: Lampung black pepper (Indonesia) currently is sold at 3,905 USD/ton; Brazil’s black pepper ASTA 570 at 4,050 USD/ton; Kuching (Malaysia) ASTA at 4,900 USD/ton.
At the same time as the survey, the price of Muntok white pepper decreased by 0.18% compared to the previous session. Meanwhile, the price of Malaysia white pepper ASTA had not changed. Specifically, on February 20, 2024, Muntok white pepper was sold at 6,157 USD/ton; Malaysia white pepper ASTA at 7,300 USD/ton.
According to the General Department of Customs of China, this country’s pepper imports in 2023 reached 9.18 thousand tons, worth 39.75 million USD, up 4.5% in volume, but down 6.1% in value compared to 2022. China’s annual pepper import demand is about 65,000 – 70,000 tons. Usually after the Lunar New Year, Vietnam’s peak harvest comes and this is also the time when Chinese traders look for sources of goods.
In 2024, China’s pepper import demand is forecast to increase compared to 2023. This is an opportunity for pepper exporters around the world. Now, pepper is mainly used as a spice and in the food industry. This product is favored by Chinese consumers and widely used in many localities such as Sichuan, Hunan, Hubei, and some provinces in northern China. In particular, domestic tourism tends to recover strongly, which leads to increased consumer demand and use of food services./.