Local black pepper prices on 12th Jun 2021:
- Dak Lak, Dak Nong: - VNĐ/kg
- Gia Lai:↗ 500 VNĐ/kg
- Dong Nai: ↗ 500 VNĐ/kg
- Ba Ria - Vung Tau: ↗ 500 VNĐ/kg
- Binh Phuoc: ↗ 500 VNĐ/kg
According to the statistics of the General Department of Customs, pepper exports in May 2021 reached 27,963 tons included, decreased 4,269 tons, or 13.24% compared to the previous month and decreased 2,019 tons, or 6.73% compared with the same period last year.
The export value of pepper in the month reached US$ 95.88 million, decreased US$ 9.34 million, or 8.88% lower than the previous month, but increased US$ 35.52 million, or 58.85% higher compared to same period last year.
The reason for the decline in pepper exports is that the sea freight rate has increased too high, leading to stalled trade. Meanwhile, the world pepper price increased sharply in May 2021 due to the concern anout the shortage of long-term supply. Not only Vietnam this year has lost its pepper crop, but the upcoming crop in Indonesia is also forecasted to be in a similar situation.
Through the 6 months of 2021, the markets of other countries are balancing the cheap pepper reserves of the previous year. However, closer to the end of 2021, this amount of pepper gradually decreases. Along with that, the new crop output is not enough to compensate for the world supply. Therefore, the pepper market in the last 6 months of the year is forecasted to be quite "stressful". In addition, increased consumption demand due to the Covid-19 epidemic gradually being controlled by vaccines will push up the prices of agricultural products, including pepper, to increase well in the near future.