Pepper price today June 7, 2022 | Latest pepper price market

Pepper prices today, June 7, 2022, in the domestic market increased slightly in some places. Currently, domestic pepper prices are trading at 72,000 – 75,500 VND/kg. The domestic pepper market increased slightly as ports, border gates and the economic situation of China are gradually recovering. However, the level of pepper purchasing is not strong, along with the export of enough goods in the month, high inflation are factors holding back pepper prices. Accumulated in the first 5 months of 2022, pepper exports reached 102,329 tons of all kinds, the export turnover value increased by 25.7%, reaching 476 million USD. Notably, the amount of pepper exported to China is very limited. Although the factor of increased pepper purchases in the Chinese market is considered to play an important role in increasing pepper prices in the medium term, we should not rely too much on it. In the past time, businesses have adapted to the decrease in purchases from China. Partly for domestic consumption, partly for increased exports to new markets. Currently, businesses have focused more on new products, improving quality to suit domestic consumers. And we are increasing exports to new markets, including the EU. According to Eurostat data, in 2021, the EU imported a record 104,980 tons of pepper, up 6.8% in volume with a value of 413.6 million Euros, up 28.3% in value compared to 2020. Ms. Hoang Thi Lien – President of the Vietnam Pepper Association commented that the EU is a potential market although it is difficult, they often have very high criteria and are increasingly expanding with more stringent levels. Therefore, currently the biggest barrier for the pepper industry in particular and the spice industry in general is the criteria on pesticide and fertilizer residue management. Enterprises in the pepper and spice industry are currently tending towards sustainable farming, thus establishing production chains in raw material areas. These linkages are not strong enough and expanding the linkages is still difficult due to financial issues and export output. There is still a lot of room for pepper in the EU region. However, there are still many issues that need improvement such as ensuring pesticide residues, sustainability or improving product quality and product certifications. #pepper #hotpepper #news #nongnghiep #nhanong #mientay #taynguyen

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