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WPB Week #20/19,13 May 13 -17 May 2019

WPB Week #20/19,13 May 13 -17 May 2019

Fri May 17 2019

 

MARKET REPORT

 

This week the market showed mixed responses with a rather negative trend. In local market Malabar black pepper was traded 2% lower than the previous week at an average of USD 4,923 per Mt. The price of India black pepper in local currency was also reported with deficit by 1% at average of INR 346 per Kg and the weakening of Indian Rupee towards US Dollar contributed to the 2% deficit in India price. Indonesia showed mixed responses on its black and white pepper price. Lampung black pepper was traded with a 1% deficit as compared to the previous week at an average of USD 2,043 per Mt while Muntok white pepper, despite the weakening of Indonesian Rupiah towards US Dollar, was traded with 4% increase as compared with the previous week at USD 3,533 per Mt as the price in local currency increase to IDR 51,000 per Kg. Though this week Malaysian Ringgit reached its lowest rate for 2019 (averaging at MYR 4.17 against 1 USD), Malaysia black and white pepper were traded with an increase of 3% and 1% respectively as compared to the previous week. Viet Nam black and white pepper in local market this week were reported to be stable at an average of USD 1,839 per Mt and USD 2,848 per Mt respectively. Sri Lanka white pepper was traded with a 1% deficit as compared with the previous week while China white pepper was traded stable at an average of USD 4,647 per Mt.

 

This week international market experienced more negative trend than the local market. India black pepper remained to be traded with a 2% deficit internationally as compared with the previous week, averaging USD 5,207 per Mt. Lampung black pepper was reported to have experienced the same 1% deficit as the local market while Muntok white pepper recorded a 4% spike as compared with the previous week at an average of USD 4,165 per Mt. Malaysia black and white pepper were traded with 2% and 1% spike respectively as compared with the previous week. Viet Nam black pepper 500 g/l and 550 g/l was reported to have recorded a slight 1% deficit and was traded at USD 2,121 per Mt and USD 2,186 per Mt respectively. Whilst Viet Nam white pepper recorded 3% deficit as compared to the previous week. China white pepper was reported stable at an average of USD 4,847 per Mt.

 

US Market was reported calm and stable. US dollars this week was reported to have strengthen against most Asian local currency as the US - China trade conflict prolonged which threatened to undermine investment and growth in developing Asia.

 

EXPORTOF PEPPER BY SINGAPORE

 

Singapore, officially the Republic of Singapore, is an island city-state in Southeast Asia. It lies one degree (137 Kilometres or 85 miles) north of the equator, at the southern tip of the Malay Peninsula, with Indonesia's Riau Islands to the south and Peninsular Malaysia to the north. Singapore's territory consists of one main island along with 62 other islets. Since independence, extensive land reclamation has increase its total size by 23% (130 square kilometres or 50 square miles). The country is known for its transition from developing to a developed one in a single generation under the leadership of its founder Lee Kuan Yew. Singapore is often described as one of Asia's economic tigers and is additionally renowed for its conservatism and strict local law, it is also currently ranked as the 14th largest export economy in the world. Although Singapore is not part of pepper producing country, Singapore exported a significant amount of pepper to the rest of the world.

 

In 2017, Singapore was reported to have exported a total of 3,859 Mt of pepper which 83% of it comprised of whole pepper and 672 Mt of it ground pepper. Singapore on average exported a total of 322 Mt per month in 2017. The total revenue of Singapore's pepper export in 2017 was reported to be as high as USD 29.4 Million, thus, recording an average price of the total pepper exported by Singapore at USD 6,996 per Mt for whole pepper and USD 10,542 per Mt for ground pepper.

 

2018 saw an increasing trend in terms of quantity of pepper exported by Singapore. Singapore was reported to have recorded a total of 4,807 Mt which comprised of 4,042 Mt of whole pepper and 783 Mt of ground pepper. Thus, recording an increase of 25% as compared to the same period in 2017. The average export of pepper by Singapore was reported to be at 401 Mt per month. Although increasing in quantity, Singapore's revenue from pepper export was reported to have declined by 25% to a total of USD 21.9 Million which recorded an average price of the total pepper exported by Singapore at USD 3,698 Mt for whole pepper and USD 9,052 Mt for ground pepper or decreasing by 47% and 14% respectively as compared with 2017.

 

As of February 2019, Singapore was reported to have exported a total of 422 Mt which comprised of 408 Mt of whole pepper and 14 Mt of ground pepper. Thus, recording a decrease of 55% when compared to the same period in 2018. By the end of February 2019, the total revenue of pepper export by Singapore was reported to have reached USD 1.4 Million, recording a loss of 69% when compared to the same period in 2018. The average price of the total pepper export by Singapore as of February 2019 was reported at USD 3,318 per Mt for whole pepper and 3,965 per Mt for ground pepper.

 

As of February 2019, Singapore's top 5 country destinations for its pepper were reported to be India with 175 Mt ( an increase of 2% as compared with the same period in 2018), USA with 65 Mt ( a decrease of 120%), Nepal with 50 Mt (a decrease of 150%), Taiwan with 35 Mt (an increase of 63%) and France with 15 Mt (a decrease of 2%). The decrease of export to USA and Nepal was the result of USA and Nepal directly imported pepper from pepper producing countries like; Viet Nam and Brazil as these two origins is famous for its competitive prices.

 

http://www.ipcnet.org/admin/data/news/mx1920.jpg

 

Source: http://www.ipcnet.org/

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