The strong increase continues, close to 145,000 VND/kg

Pepper price today, August 22, 2024, in the Southeast region increased sharply, recording the largest increase of 3,000 VND/kg, trading around 142,000 - 144,000 VND/kg, the highest purchase price in Dak Lak and Dak Nong provinces is 144,000 VND/kg.

Accordingly, Dak Lak pepper price was purchased at 144,000 VND/kg, an increase of 3,000 VND/kg compared to yesterday. Chu Se pepper price (Gia Lai) was purchased at 142,000 VND/kg, an increase of 2,000 VND compared to yesterday. Dak Nong pepper price today was recorded at 144,000 VND/kg, an increase of 3,000 VND/kg compared to yesterday.

In the Southeast region, pepper prices today increased by 2,000 - 3,000 VND/kg compared to yesterday. Specifically, in Ba Ria - Vung Tau, it is currently at 143,000 VND/kg, an increase of 3,000 VND/kg compared to yesterday; in Binh Phuoc , pepper prices today are at 142,000 VND/kg, an increase of 2,000 VND/kg compared to yesterday.

Pepper price today August 22, 2024: Strong increase continues, close to 145,000 VND/kg

Thus, pepper prices increased for the third consecutive day today, with a uniform increase of 2,000 - 3,000 VND/kg, bringing the price to a new high of 144,000 VND/kg in Dak Lak and Dak Nong areas.

Preliminary statistics from the General Department of Customs show that in the first 15 days of August 2024, Vietnam exported a total of 10,006 tons of pepper, earning 59.59 million USD.

Accumulated to August 15, 2024, Vietnam's pepper exports reached 173,372 tons, worth 820.16 million USD. The Vietnam Commodity Exchange believes that if pepper prices continue to maintain above 100,000 VND/kg, the goal of achieving export turnover exceeding 1 billion USD in 2024 is feasible.

Domestic and international shortages cannot be compensated in a short time, creating conditions for high prices, thereby earning large export turnover despite reduced export volume.

World pepper price today

Update on world pepper prices from the International Pepper Association (IPC), at the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 7,537 USD/ton, up 0.16% compared to yesterday, the price of Muntok white pepper reached 8,874 USD/ton, up 0.15%.

The price of Brazilian ASTA 570 black pepper remained stable at USD 6,300/ton, up 1.96%. The price of Malaysian ASTA black pepper continued to stand firm at USD 8,500/ton; the price of this country's ASTA white pepper reached USD 10,400/ton.

Vietnam black pepper price is traded at 5,800 USD/ton for 500 g/l; 550 g/l at 6,200 USD/ton; white pepper price at 8,500 USD/ton.

Currently, pepper supply is limited globally due to the impact of El Nino. In the long term, in the next 3-5 years, the amount of pepper produced will not be able to meet the world's consumption demand.

The impact of El Nino climate change at the beginning of the year has continued to impact farmers’ cultivation, production and maintenance of pepper gardens. Following that, the La Nina phenomenon has further disturbed farmers’ psychology, especially at the present time when durian and coffee prices are at high levels, which are still not attractive enough for farmers to massively replant pepper.

The Vietnam Pepper and Spice Association (VPSA) prioritizes maintaining the pepper acreage, focusing on solutions to improve quality, and diversifying processed products with high added value. Accordingly, it is necessary to advise and guide farmers to comply with international standards, especially on chemical residues, implement cultivation processes, prevent pests, and process and preserve them in accordance with the climatic conditions of each region.

Vietnam still has about 30% of pepper inventory, equivalent to 50,000 - 55,000 tons. According to VPSA, the output of the next pepper crop is likely to be the same or higher than in 2024. The amount of pepper inventory among farmers is not much, and although pests and diseases still exist, they are not too serious.

Domestic pepper price on August 22, 2024