Pepper Market on October 24, 2024: Price increased to 147,000 VND/kg
In the world market
Updated from the International Pepper Community (IPC), in the most recent trading session, the price of Indonesian Lampung black pepper was listed at 6,727 USD/ton, continuing to decrease by 26 USD/ton compared to the previous trading session.
Meanwhile, pepper prices in other countries remained stable. Brazilian black pepper ASTA 570 was traded at $6,400/ton, while Malaysian Kuching black pepper was priced at $8,700/ton.
Vietnam's 500 g/l and 550 g/l black pepper exports are priced at around 6,500 - 6,800 USD/ton.Update pepper information
In India, pepper farmers are hoping for a quick recovery in prices after falling by around Rs 19 per kg in the last fortnight. Last week alone, domestic pepper prices in India fell by Rs 11 per kg, bringing the total fall in the last five weeks to around Rs 34 per kg.
The farmers attributed the fall in prices to large imports from Sri Lanka under the South Asian Free Trade Agreement (SAFTA) with a duty of 8%. Currently, the price of ungraded pepper in the Kochi wholesale market is Rs 627 per kg, while graded pepper is Rs 647 per kg.
Kishore Shamji, a Kochi-based pepper trader and director of the Indian Pepper and Spices Trade Association (IPSTA), said that almost all the markets were flooded with Sri Lankan pepper. This situation has put additional pressure on domestically grown pepper, leading to a fall in prices and forcing farmers in the southern pepper-growing states to sell off their stocks.
Even farmer unions that had earlier predicted a recovery in prices are trying to liquidate their stocks, said Kishore Shamji.
Citing figures, Mr. Kishore Shamji said the total pepper imported from Sri Lanka in the third quarter accounted for 10,433 tonnes out of the total 12,606 tonnes imported into India.
Mr Shamji said Sri Lanka's pepper production has crossed 25,000 tonnes and they are aiming to sell the surplus to India, where there is huge domestic demand.
However, he said imported pepper has lower bulk density, higher moisture content and the presence of mold, contributing to the decline in domestic pepper prices.
The Kerala chapter of the Indian Pepper and Spices Manufacturers Association has urged the government to curb imports, as this is severely affecting the interests of domestic farmers.
The association also alleged that loopholes in import policies are allowing imported pepper, meant for re-export, to enter the domestic market.
Mr. Shamji also added that the Directorate General of Foreign Trade (DGFT) allowing the retention of imported pepper for six months before re-export is a major shortcoming in the import -export policy for a sensitive commodity like pepper, according to Thehindubusinessline .
According to VietnamBiz.vn
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