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OCTOBER 30, 2023: VIETNAMESE BLACK PEPPER FLOODS US AND CHINESE MARKET, IMPACTING GLOBAL PRICES

| October 30, 2023

Black Pepper

In the ever-evolving world of global trade, the price of black pepper on October 30, 2023, has seen a significant shift in key producing regions, particularly Vietnam. This versatile spice is a staple in kitchens worldwide, and its current market dynamics bear watching.

As of October 30, 2023, black pepper prices in Vietnam range from 66,000 to 69,000 Vietnamese dong per kilogram. Comparing this to the same period in 2022, the 2023 export volumes in the primary producing countries, including Brazil, Indonesia, and India, have all decreased. In stark contrast, Vietnam has seen an impressive increase of over 15% in its export volume.

Let's delve into specific regions in Vietnam:

In Đắk Lắk and Đắk Nông provinces, the purchase price for black pepper stands at 67,500 Vietnamese dong per kilogram.

In Gia Lai province, the current price is 66,000 Vietnamese dong per kilogram.

Đồng Nai reports black pepper prices at 67,000 Vietnamese dong per kilogram.

Bà Rịa - Vũng Tàu province records the highest price at 69,000 Vietnamese dong per kilogram.

Bình Phước province sees black pepper being purchased at 68,500 Vietnamese dong per kilogram.

The prices have remained stable when compared to the previous day, but over the past week, there has been a slight decrease of 1,500 to 2,000 Vietnamese dong per kilogram. High USD rates and competition from coffee have had a negative impact on black pepper prices.

 

The latest report from the Vietnamese Pepper Association reveals that, in the third quarter of 2023, black pepper prices increased notably in India and Indonesia, while Vietnam saw a modest increase, and Brazil experienced a decline.

The upcoming Indian black pepper harvest is predicted to suffer due to a lack of rainfall, scheduled for December. Meanwhile, El Niño-induced drought may affect the black pepper harvest in the Para region of Brazil.


Pepper Prices

On the other side of the equation, the United States' black pepper imports continued to decline for the fifth consecutive month, with July 2023 seeing a 21.3% drop compared to the previous year, totaling 6,659 tons. Up to the end of July, the US had imported 33,080 tons of black pepper, with Vietnam accounting for 78%, Indonesia 5%, India 8.4%, and Brazil 3.3% of this total.

In Europe, the economic growth rate slowed, leading to reduced consumer spending due to inflation and higher interest rates. According to Eurostat, European black pepper imports in the first half of 2023 dropped by 25.4% compared to the same period in the previous year, totaling 39,687 tons.

As of October 11, 2023, Europe issued 42 product alerts concerning black pepper and other spices, with 17 of them related to black pepper from Brazil, which was found to be contaminated with Salmonella. Vietnam reported two alerts related to chlorfenapyr and hexaconazole residues on black pepper and chili.

A remarkable development is the surge in Vietnamese black pepper exports to China. After two years of COVID-19-related export restrictions, Vietnam exported a record 55,985 tons of black pepper to China in the first nine months of 2023, capturing 27.4% of the market share and marking a 373.6% increase compared to the same period last year. While there was a slight decline in export volume in the third quarter, it is expected that by the end of 2023, Vietnam's black pepper exports to China will reach around 60,000 tons out of the total 65-70,000 tons imported by China.

The black pepper market remains dynamic, influenced by a myriad of factors, but Vietnam's rising prominence in the global pepper trade is undoubtedly a trend to watch. As we move forward, it will be interesting to see how these market shifts affect consumers and producers alike.

According to Kinhtedothi.vn

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