Pepper price hits four-year record high

The domestic price of pepper has hit its four-year record high, reaching VND80,000 per kilo for black pepper and VND100,000 per kilo for white pepper, said the Vietnam Pepper Association (VPA).

The sharply-increasing pepper prices are attributed to crop failure in Vietnam, Indonesia, Malaysia, India, and Brazil, which all account for 80 percent of the world’s total output.

Only Vietnam and India exported pepper in the first two quarters of 2010. Malaysia and Indonesia will not start selling until August while Brazil will only export at the end of 2010.

According to specialists, the global and domestic pepper prices are predicted to go up in the second half of the year. However, there are now only 30,000 tonnes of pepper stockpiled in Vietnam, down 40 percent compared to the same period last year.

The VPA, therefore, has asked its member businesses to monitor the global market for the best prices and pay more attention to processing for a better quality of pepper.

Tags: Vietnam Pepper, Vietnam Pepper prices

Posted by VBN on Jul 19 2010. Filed under Agriculture. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry