Pepper prices bounce back
Pepper prices bounce back
Pepper prices have risen slightly since the beginning of the week after months of decline due to positive signs in the global market, Thanh Nien newspaper reported.
The pepper farmed in the Central Highlands and southeastern provinces is priced at VND44,500 to VND45,000 per kilogram, VND1,000-VND2,000 per kilogram higher than earlier this month, representatives of some enterprises said.
The price spike was ascribed to increasing demand from the global market and a fall in India’s pepper supply.
Economic experts said that as supply will continue to surpass demand in the global market over the long term, pepper prices have yet to bounce back well. However, the fall in the pepper price is expected to slow down.
In the first five months of the year, Vietnam’s pepper exports amounted to 144,000 tons worth US$372 million, up 33% in volume and down 2% in value, year-on-year. The average price of pepper exports fell by 26%, year-on-year, to some US$2,600 per ton.
Vietnam’s pepper output rose during the five-month period to 250,000 tons, according to the Department of Crop Production, under the Ministry of Agriculture and Rural Development.
The pepper price is forecast to see a downward trend this year as the supply is expected to increase an estimated 8%-10%, whereas the global demand is predicted to edge up a mere 2%.
To boost the volume of pepper exports and gain a firm foothold in the global market, Vietnam’s pepper exporters and producers need to improve the quality of their pepper.
