Breaking News: Domestic Pepper Prices Plummet, Global Markets Stabilize
Current Market Update on Pepper Prices
Domestic pepper prices experienced a significant drop early this morning (June 8). According to recent reports, the current purchase price for peppers is between 142,000 and 143,000 Vietnamese Dong (VND) per kilogram. This downward trend notably includes key trading areas such as Baria Bung Tau and Dorak, both witnessing a decline of 2,000 VND per kilogram from yesterday’s prices.
Similarly, pepper prices in Jurai and Vienpmem regions fell by 1,000 VND per kilogram, stabilizing at 142,000 VND per kilogram. Daknong reported the highest buying prices this year, at 143,000 VND per kilogram—a 1,000 VND decrease from the previous day.
Global Pepper Market Updates
On the global stage, pepper prices have remained stable. In Indonesia, black pepper and white pepper were traded at approximately $7,437 and $10,142 per ton, respectively. Here in Vietnam, export prices for 500g/L and 550g/L stood between $6,300 and $6,400 per ton. Additionally, the ASTA white pepper price comfortably remained at $9,300 per ton.
Trade Negotiations with the United States
There is a notable positive signal in the ongoing negotiations between Vietnam and the United States regarding mutual tariffs. This promising development is poised to provide psychological relief to the pepper market, which has faced significant downward pressure in recent weeks.
During a recent meeting between the Vietnamese Minister of Agriculture and Environment, Do Duc Duy, and key US politicians, it was agreed that cooperation through mutual support could boost agricultural exports. Vietnam expressed strong interest in importing advanced plant varieties and modern technology from the United States. Agricultural products such as coffee, pepper, cashew nuts, shrimp, and wood products are expected to see increased export volumes.
Recent Export Statistics
According to data from the Vietnamese Pepper and Spices Association (VPSA), Vietnam’s pepper exports from January to May 2023 reached over 100,000 tons, generating $693 million. Although this reflects a 12% year-on-year decrease, it marks a 40.5% surge compared to 2022. Notably, the United States remains the largest market for Vietnamese pepper, absorbing about 23% of total exports.
However, export volumes to the US have decreased by 24.4%, with May’s figures showing a drop of 6,342 tons—a 1% reduction from April.
With pepper prices approaching the critical support line and trade relations with the United States looking more favorable, signs of market recovery are on the horizon. This, paired with the evergreen potential of increased cooperation and technological advancements, bodes well for the pepper industry’s future.
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