Pepper Market November 12, 2024: Downward trend covers domestic and world markets
Update pepper information
Mr. Hoang Phuoc Binh, Vice President of the Chu Se Pepper Association (Gia Lai), said that the price in Vietnam decreased because Indonesia had just entered the harvest season. On the other hand, because it was the beginning of the coffee season , many agents took the opportunity to sell pepper in stock to buy coffee.
Mr. Binh predicts that the price of pepper in the 2025 crop will be higher than in the 2024 crop (at its highest, it will be 160,000 VND/kg). The primary reason is that the prolonged heat in early 2024 is greatly affecting pepper crop productivity, leading to a continued decrease in output in 2025.
Not only Vietnam, output is also forecast to decrease in many other countries. Meanwhile, most pepper growers in Vietnam currently have other sources of income from coffee, durian, etc., so they are not in a hurry to sell after harvest but will wait until they see a better price, according to Nong Nghiep Newspaper .
Regarding the world market, the Import-Export Department forecasts that in the short term, world pepper prices will fluctuate in a downward trend. However, the downward trend will not last long due to limited supply and increased import demand due to seasonal factors.
In major import markets, demand increased in the US, EU and Asia, but remained sluggish in the Middle East and China. Significantly reduced inventory levels caused people and dealers to limit sales.
Brazil is currently the world's second largest producer and exporter of black pepper, accounting for 17-18% of global supply. However, due to reduced production, Brazil's pepper exports in the 2024 crop will decrease for the third consecutive year.
Meanwhile, Vietnam's new pepper crop in 2025 is expected to be delayed by 1 month. This will create a certain shortage in supply, thereby positively affecting world pepper prices.
According to VietnamBiz.vn
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