AsemconnectVietnam - On Monday, domestic pepper prices in Vietnam's Central Highlands remained unchanged at 138,000-140,000 VND per kg compared to Yesterday, according to Kinhtedothi.

Last week, pepper prices decreased by VND2,000 - 3,000/kg. Last week, the Vietnam Pepper and Spice Association announced that pepper imports and exports in the first half of August 2024 continued to decline. From the beginning of the year to mid-August, pepper exports reached about 175,000 tonnes, officially surpassing the output of 170,000 tonnes of this year's harvest. Total export turnover reached about 820 million USD.
The decline in exports also affected the domestic market. Compared to the beginning of the month, pepper prices in localities have decreased by VND10,000/kg. Export supply will still be a concern in the last months of the year, as it depends on small imports and domestic reserves.
Contrary to predictions about the prospect of a global shortage of supply pushing pepper prices higher, high pepper prices have caused demand for this spice to decline globally. Consumers in a "tightening their belts" situation will choose to remove non-essential foods from their daily menu, including pepper.
According to the Vietnam Pepper and Spice Association (VPSA), China, which was previously Vietnam's second largest pepper export market, has now dropped to fifth place after the US, Germany, India and the UAE.
Experts say that China's domestic pepper prices are lower than imported goods. In addition, the world's second largest economy grew more slowly than expected in the first half of this year, so people's spending needs decreased and inventories remained sufficient. These are the reasons why this country has sharply reduced pepper imports from Vietnam. The association forecasts that the demand for importing this agricultural product from the Chinese market will be difficult to improve in the second half of the year.
Vietnam’s pepper export earnings surged by 40.8% year-on-year to 764.2 million USD in the first seven months of this year, despite a slight decline of 2.2% in export volume, according to the Vietnam Pepper and Spice Association (VPSA).
Rising global pepper prices primarily drove the remarkable growth. The US remained Vietnam's top pepper importer, purchasing 43,349 tonnes of Vietnamese pepper, a significant 48.4% increase from the previous year, accounting for 26.4% of the market share. It was followed by Germany, the United Arab Emirates (UAE), India, and China.
Following are domestic pepper prices on August 19, in the main pepper growing and consumption regions: