Vietnam: China's reduced purchases cause areca nut prices to plummet

Published 2024년 10월 30일

Tridge summary

The price of fresh areca nuts in Quang Nam and Quang Ngai has dropped significantly from VND90,000/kg to VND25,000/kg in two weeks due to reduced Chinese purchases, after previously peaking at over VND100,000/kg. This has caused uncertainty among traders and growers, though some remain optimistic due to past fluctuations. Despite the decrease, some growers still find the current price profitable. Export difficulties to China have contributed to the decline, but the situation is stabilizing. In Nghia Hanh District, Quang Ngai, prices have decreased slightly to VND45,000/kg, still higher than previous years, allowing for profit. However, the district does not prioritize areca nuts due to market instability and reliance on Chinese traders, excluding them from agricultural planning.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In just two weeks, the price of fresh areca nuts has dropped from VND90,000/kg to VND25,000, mainly due to China's reduced purchases. After a period of record price increases and reaching a peak of VND90,000/kg, the price of fresh areca nuts in Quang Nam and Quang Ngai has plummeted in recent days. Areca nuts in these two localities are often purchased in small quantities by traders who come to the garden and then resell them to agents or drying kilns for export to China. Mr. Nguyen Van Nghia (residing in Tam Xuan commune, Nui Thanh district, Quang Nam) said that before that, the price of areca nuts had increased continuously for 6 months, at one point reaching a peak of more than VND100,000/kg sold at the kiln, due to strong consumption by China. However, two weeks ago, the price of areca nuts suddenly plummeted. Warehouse owners buy at fluctuating prices, changing daily, some places have even temporarily closed, making small traders like him afraid to go to people's gardens to ...

Source: 24h newspaper