Pepper prices rebounded

Domestic pepper prices today

Pepper price today, November 26, 2024, domestic pepper prices have rebounded after a series of days of erratic price fluctuations. Accordingly, the average pepper price in localities increased by 1,000 VND/kg.

In Binh Phuoc , it was purchased at 140,000 VND/kg; in Gia Lai, it was purchased at 140,500 VND/kg, up 500 VND/kg. The remaining localities such as Ba Ria - Vung Tau, Dak Lak, Dak Nong are all at 141,000 VND/kg. The average pepper price today, November 26, 2024, is 140,700 VND/kg, an increase of 1,000 VND/kg compared to yesterday, November 25, 2024.

Giá tiêu hôm nay 26/11/2024: Giá tiêu đồng loạt bật tăng trở lại

Domestic pepper prices today, November 26, 2024, simultaneously increased again. Photo: Hoang Thien

Speaking at the 2024 Annual Conference of the Public-Private Partnership Group on Pepper and Spices held on the morning of November 25, 2024 in Ho Chi Minh City, the Vietnam Pepper and Spices Association called on businesses and farmers to continue to identify the importance of maintaining and developing a sustainable global spice supply chain. From there, proactively demonstrate long-term commitment and close cooperation in market development.

Currently, the whole country has more than 115,000 hectares of pepper and spice plants, concentrated mainly in the South Central Coast - Central Highlands region with more than 75,300 hectares; the rest are in the Southern and Northern regions.

Vietnam is a major exporting country, accounting for about 11% of the global pepper and spice market share (2023). In the first 10 months of 2024, Vietnam's export output of this item reached 219,000 tons. Pepper, cinnamon, and star anise products are effectively exported to very potential markets such as: the United States, the EU, China, India, the Middle East, etc.

In the coming time, the area of pepper and spices in the country is expected to decrease to 110,000 hectares. The main reasons are the weather, pests and diseases and the sharp increase in prices of many other agricultural products. In addition, the market expansion situation is facing difficulties, some markets are reducing imports, and at the same time, technical regulations, standards and barriers for Vietnamese pepper and spice products continue to increase. Therefore, the control of the production process, especially soil health and crop quality, must continue to be implemented more strictly.

Update domestic pepper prices today November 26, 2024

World pepper prices today

Update on world pepper prices from the International Pepper Community (IPC), at the end of the most recent trading session, the market was basically stable compared to the previous update, except for the Indonesian market which increased slightly.

Specifically, IPC listed the price of Indonesian Lampung black pepper at 6,624 USD/ton; up 2.46%; the price of Muntok white pepper increased to 9,139 USD/ton, up 1.06%.

The price of Brazilian ASTA 570 black pepper is at USD 6,000/ton. The price of Malaysian ASTA black pepper is at USD 8,400/ton; the price of this country's ASTA white pepper is at USD 10,500/ton.

Of which, the price of Vietnamese black pepper is stable at 6,200 USD/ton for 500 g/l, 550 g/l remains at 6,500 USD/ton; the price of white pepper is at 9,400 USD/ton, unchanged.

Mr. Nguyen Quy Duong, Deputy Director of the Plant Protection Department, Ministry of Agriculture and Rural Development, said that the public-private partnership group for the pepper and spice industry has 8 enterprises, including 3 foreign import-export enterprises and 5 leading enterprises in the production of domestic pepper and spices. This group accounts for 80% of Vietnam's export output.

With the projects being implemented by the Ministry to turn the pepper and spice industry into a green, ecological and sustainable agricultural sector, the role of the Public-Private Partnership Group needs to be more clearly demonstrated.

Mr. Nguyen Quy Duong said that, in addition to proactively deploying training documents, direct cultivation guidance from public-private partnership groups for farmers right in the garden is necessary and decisive to maintain presence in the US and EU markets... and to have a greater presence in the Halal market in Indonesia, the Middle East...

The Halal export market is estimated to have an estimated consumption of food and spices of about 10,000 billion USD... a huge number. However, this market has many specific standards. In Vietnam, there is an organization that certifies Halal standards. During this period, all businesses that want to export here clearly need to be trained and farmers must also be trained in cultivation to be able to enter this market. Mr. Nguyen Quy Duong said.