Pepper prices increase from August 1, 2023
Pepper prices increase from August 1, 2023
Pepper price today 1/8: Supply is scarce, slightly increased by 500 VND/kg compared to yesterday, the lowest is 68,5000 VND/kg.
Export value dropped sharply, far from the target of billion USD export. It is predicted that in 2023, exports will only be 800 million USD.
According to preliminary statistics of the Vietnam GSO, in July 2023, Vietnam exported 15,998 tons of pepper, with an export turnover of 59.01 million USD. The average export price of pepper reached 3,688 USD/ton, a sharp increase of 600 USD/ton compared to May.
THE WORLD PEPPER MARKET GROWS STRONGLY in the US.
Indonesia’s domestic market is considered stable with little demand, mainly for export. Speculators in this market are also increasing buying when seeing the supply and demand picture from now to the end of the year.
In Brazil, procurement is difficult. Farmers this year have the mentality of holding more goods, causing shippers in this country to stop offering for sale from the 30th week.
Besides, coffee trees are being traded strongly, having a winning season, so their farmers mainly sell strong coffee to collect money. In addition, in Brazil, transportation and exports at the port of Vitória are facing difficulties.
The above information caused pepper prices in Brazil to increase by 10% in the past 2 weeks. Many information forecast that Brazil’s crop will decrease by 15-20% compared to the crop in 2022. This has caused farmers/dealers to increase hoarding and less offering to the market.
In India, pepper prices increased by 20% in the past week. The main reason is due to the sudden increase in demand from the domestic market. Besides, in the Kerala region, which is the main pepper production area of India, heavy rains have caused pepper production to decrease by 30-32%.
