Export prices of many agricultural products to go up

Over the past eight months, export prices of many agricultural products increased significantly, for instant cashew nuts prices increased by 18.9%, tea increased by 11.2%, pepper 39.9%, rice 2.8%.

According to the prediction by Ministry of Agriculture and Rural Development, and Ministry of Industry and Commerce, in the end of this year, export prices of many key agricultural products like rice, pepper, cashew will continue to be higher.

Pepper export prices to increase sharply

Ministry of Agriculture and Rural Development said in August, Vietnam’s pepper exports is estimated to be at 10,000 tons, bringing the total export volume in the past eight months to 94,000 tons with a total turnover of over U.S. $ 310 million, down nearly 3% in volume, but up over 35% in value compared to the same period last year.

In late August, black pepper in domestic market was traded from 74,000-76,000 VND per kg, up 25% compared with June; high quality pepper prices went up to 80,000 VND per kg. However, the local price leveled off, reducing 2,000-3,000 VND per kg on average.

According to the Ministry of Industry and Trade, on the second half of August, the world pepper prices decreased slightly since importers were waiting for harvests in Malaysia and Indonesia, moreover, the demand for pepper in India, the world’s largest pepper importer reduced.

The Ministry of Industry and Trade predicted that pepper supply from Malaysia and Indonesia is not as much as expected (about 40,000 tons). So the price went up again in early September and may increase at the end of the year. This year, Vietnam is estimated to export 105,000 tons of pepper.

Cashew nut price continues to rise

In August, the average price of cashew nut price in Dong Nai was 25,500 VND per kg. On 31st August, even retail price of this item has reached 27,500 VND per kg, the highest level since the beginning of the year.

In last April, raw cashew nuts were just sold for 18, 250 VND per kg. Compared to that time, the average price in August rose 39.73%. So far this year the price of raw cashew nuts has kept stable .

The Ministry of Industry and Trade predicts by the end of this year, the local price of cashew nuts continue to rise thanks to the surging price on the world market and export promotion for this commodity. – Mard

Tags: Vietnam Agricultural Products, Vietnam prices