Agricultural product prices on August 8: Pepper prices continue to fall sharply, coffee prices turn to increase.

Pepper price today 8/8/2024

Pepper price update on August 8, 2024: Domestic pepper price today fluctuates from 135,000 to 137,000 VND/kg, slightly down 2,000 VND/kg compared to the previous day.

The average pepper price in Vietnam is 136,400 VND/kg, with the highest price recorded in Dak Nong, Dak Lak and Gia Lai at 137,000 VND/kg.

In Dak Lak, Dak Nong, Gia Lai, the current pepper price is 137,000 VND/kg, down from yesterday.

Dong Nai and Ba Ria - Vung Tau both have pepper prices at 136,000 VND/kg, down 2,000 VND compared to the previous day.

Binh Phuoc recorded the lowest price of the day at 135,000 VND/kg, down 2,000 VND compared to the same time yesterday.

Coffee price today 8/8/2024

Coffee prices range from 120,300 - 121,000 VND/kg. Today's coffee prices increased slightly by 300 - 500 VND/kg.

The current average price is around 120,900 VND/kg in the Central Highlands provinces, the highest purchase price in Dak Lak province is 121,000 VND/kg.

In Dak Lak, coffee prices on August 8 increased slightly by 500 VND/kg compared to yesterday, in Cu M'gar the price reached 121,000 VND/kg.

Coffee prices in Buon Ho and Ea H'leo were purchased at 120,900 VND/kg.

Dak Nong also recorded coffee purchase prices on August 8 at 120,800 VND/kg in Gia Nghia and 120,700 VND/kg in Dak R'lap.

Lam Dong, in districts such as Di Linh, Lam Ha and Bao Loc, the price of green coffee beans today is all at 120,300 VND/kg.

In Gia Lai and Kon Tum, coffee prices today fluctuated slightly, at 120,800 VND/kg in Chu Prong and 120,700 VND/kg in Pleiku and La Grai.

At the end of the trading session, the price of Robusta coffee on the London floor on August 8, 2024 at 4:30 a.m. increased to 3,957 - 4,424 USD/ton. Specifically, the delivery term for September 2024 is 4,424 USD/ton (up 41 USD/ton).

Arabica coffee prices on the New York floor on the morning of August 8, 2024 increased from 232.75 - 241.15 cents/lb. Specifically, the delivery period for September 2024 is 242.15 cents/lb (up 2.63%)

Agricultural exports forecast to grow strongly at year-end

Earlier this year, domestic and international agricultural markets witnessed strong growth, with prices reaching record levels, prompting businesses to set impressive growth targets for 2024.

In the first six months of 2024, Vietnam has increased exports of key agricultural products such as pepper and coffee, targeting coffee exports of 5 billion USD and pepper with a target of 1 billion USD.

Mr. Nguyen Huy Hung, Sales Director of Phuc Sinh Joint Stock Company, expressed optimism about the prospects of Vietnam's agricultural industry, with coffee and pepper exports to two major markets, the US and Europe, growing by more than 20% compared to last year.

The sudden increase in coffee and pepper prices not only helped Phuc Sinh increase its revenue by more than 20% compared to the same period last year, but also opened up opportunities for market expansion in the future.

Vietnam's fruit and vegetable export industry is aiming for a breakthrough with the expectation of reaching a revenue of over 1 billion USD in 2024, an important step for the rapid development of the industry.

According to Mr. Nguyen Dinh Tung, General Director of Vina T&T Group, the impressive growth in fruit exports is thanks to the continuous expansion of international markets, including the Middle East and countries such as Australia and New Zealand.

Tra Vinh Farm Company Limited, with its main product being nipa nectar, has recorded a 200% export growth compared to the previous year, focusing on key markets such as Germany, the Netherlands, the US and is expanding to Australia.

Tra Vinh Farm is actively cooperating with Korean partners to continue expanding the market, and is expected to have strong growth in the last 6 months of 2024.

A report from the General Statistics Office shows the prosperity of Vietnam's agricultural sector, with stable growth and efficiency in production, especially in the first 6 months of this year.

The agricultural product price index increased by 10.29% year-on-year, with annual crops increasing by 11.27% and perennial crops by an impressive 22.3%.

GDP of agriculture, forestry and fishery increased by 3.38%, marking the highest increase in the past 5 years, along with export turnover growth of 19%.

The Ministry of Agriculture and Rural Development has adjusted the export target to 57-58 billion USD, exceeding the target set at the beginning of the year.

Mr. Huynh Cong Toan, Director of Huynh House Agricultural Products Company Limited, stated that the demand for fruits and vegetables in the international market is very large and Vietnamese agricultural products have great potential for strong development.

Mr. Toan also said that due to the impact of weather and drought, raw material sources will fluctuate slightly in the third quarter of 2024, but the company has a preparation plan to ensure that the fourth quarter target is successfully achieved.

Although agricultural exports are forecast to grow strongly in the last months of this year, businesses in the industry continue to face challenges from fluctuations in raw material sources and international competition.

Deputy Minister of Industry and Trade Phan Thi Thang emphasized that agricultural and food exports need to meet high quality standards and increasingly stringent origin requirements. Sustainable growth and carbon emission reduction are inevitable trends, requiring Vietnamese businesses to quickly adapt and comply.

Vietnam needs to shift from exporting raw goods to products with higher added value to improve competitiveness and economic sustainability.