Pepper’s prices on May 08 are in the range of 71,500 – 74,000 VND/kg. Thanks to the push from the domestic market, export prices of Vietnam’s pepper have increased sharply listed by the International Pepper Community (IPC). Last week, both prices of coffee and pepper increased well.

In Dak Lak and Dak Nong, pepper now is purchased at 72,000 VND/kg.

In Gia Lai, the price is 71,000 VND/kg.

Meanwhile, in Dong Nai, the pepper price is 71,500 VND/kg.

In Ba Ria – Vung Tau, the pepper price is 74,000 VND/kg.

And in Binh Phuoc, pepper is purchased at 73,500 VND/kg.

Vietnam’s pepper prices have increased sharply.

Today’s pepper prices remain stable in all provinces compared with the same time yesterday. The market moved sideways after four consecutive days of increase. Summing up this week, pepper prices in the domestic market increased by 4,500 – 5,000 VND. Thanks to the push from the domestic market, export prices of Vietnam’s pepper have increased sharply by the International Pepper Community (IPC).

Last weekend, this organization announced that Vietnam’s black pepper was traded at 3,500 USD/ton for 500 g/l and 3,600 USD/ton for 550 g/l. White pepper price was at 5,000 USD/ton, which increased sharply by 6.43%, 7.64%, and 3.4%. This is a rare sharp increase of IPC for Vietnam’s pepper prices during the past harvest season.

Experts said that the market’s increase after the holiday season is due to the weather. Intense heat across the country last week, especially in the key areas of the Southeast and the Central Highlands, has caused the price of agricultural products to increase, especially coffee and pepper.

Coffee increased by 2,300 VND/kg while pepper had the highest level of 5,000 VND/kg in Dak Lak, Dak Nong. The heatwave has raised concerns about new crop output, affecting supply in the long term. Many localities have warned of late flowering this year, which will affect next year’s harvest in terms of time and yield.

If there is an El Niño in the second half of 2023, it will cause the prices of commodities to increase rapidly, including pepper.

Besides, the information that the output of countries coming into the harvest is forecast to decrease can support pepper. The total global pepper production in 2023 is estimated at 526,000 tons compared with 537.6 thousand tons in 2022.

The Import-Export Department (Ministry of Industry and Trade) acknowledged that Vietnam’s pepper exports are more vibrant in the Q2 of 2023 thanks to the increased demand from China, Papua New Guinea, ASEAN, Turkey, etc. This compensates for the silent import demand of the US and EU markets.

Exporters actively buy raw materials to replenish inventories. However, the amount of raw materials brought to the market is quite small because farmers and agents expect pepper prices to increase soon./.