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DAILY: Vietnamese pepper prices rose by VND2000 on May 24, 2024 

 Friday, May 24,2024

AsemconnectVietnam - On Friday, domestic pepper prices in Vietnam's Central Highlands rose by 2000 VND to VND117,000 - VND118,000 per kg compared to Yesterday due to low supply, according to Kinhtedothi.

Since the beginning of the week, domestic pepper and coffee prices have continuously increased due to scarce supply and high demand.
Vice Chairman of Chu Se Pepper Association (Gia Lai) Hoang Phuoc Binh informed the press that pepper prices are increasing rapidly. Farmers can sell pepper at the warehouse for 120,000 VND/kg.
According to Mr. Binh, global pepper production decreased sharply. In Vietnam, inventory from last year carried over to this year is insignificant. Supply is not enough to meet demand, so prices increase.
Vietnamnet newspaper quoted Vice Chairman of Pepper Association Chu Se as saying that a new price increase cycle of pepper has officially begun. In particular, this cycle will last for the next 10 years and the price may reach a new peak of 350,000 - 400,000 VND/kg - a super expensive level. However, the price will fluctuate but in the long term it will still follow an upward trend.
Rising world demand has helped Vietnamese pepper prices skyrocket with the average export price in the first four months of 2024 hitting $4,214 per tonne, soaring by 36.4% compared to the same period last year, according to the Vietnam Pepper and Spice Association (VPSA).
During the four-month period, Vietnam exported 83,067 tonnes of pepper worth $352 million, down 19.4% in volume but up 10.3% in value year on year.
The strong growth in global pepper prices are resulted from limited supply while demand keeps increasing, particularly from the US, China and the EU. Prices of black pepper in international transaction floors have surged continuously to $4,900-5,200 per tonne and prices of white pepper stood at $6,500-7,300 per tonne.
Following are domestic pepper prices on May 24, 2024, in the main pepper growing and consumption regions:

Province/District

Purchase price (VND/kg)

Vs. May 23

DAC LAC

 

 

— Ea H'leo

117,000

+2000

GIA LAI

 

 

— Chu Se

117,000

+2000

DAK NONG

 

 

— Gia Nghia

117,000

  +2000

BA RIA - VUNG TAU

   

Average price

118,000

+1000

BINH PHUOC

 

 

Average price

117,000

  +1000

DoNG NAI

 

 

Average price

117,000

  +2000


T.Huong
Source: Vitic

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