Pepper prices at eight-year high

Domestic pepper price today

Pepper price today, July 29, 2024, in the Southeast region, remained stable compared to yesterday, trading around 149,000 - 150,000 VND/kg, the highest purchase price in Dak Nong and Dak Lak provinces was 150,000 VND/kg.

Specifically, the price of Dak Lak pepper was purchased at 150,000 VND/kg, unchanged from yesterday. The price of Chu Se pepper (Gia Lai) was purchased at 149,000 VND/kg, unchanged from yesterday. The price of Dak Nong pepper today was recorded at 150,000 VND/kg, unchanged from yesterday.

In the Southeast region, pepper prices today remain unchanged from yesterday. Specifically, in Ba Ria - Vung Tau, the price is currently at 150,000 VND/kg, unchanged from yesterday; in Binh Phuoc, pepper prices today remain at 149,000 VND/kg, stable from yesterday.

Pepper price today 7/29/2024: Pepper price at the highest level in the past 8 years

Thus, pepper prices today stagnated in some localities in key growing areas, recording the highest price of 150,000 VND, fluctuating in the price range of 149,000 - 150,000 VND/kg.

Domestically, pepper prices also witnessed a record increase from VND92,000 - 94,000/kg from the beginning of April to a peak of VND180,000/kg on June 11, an increase of 90% in just over two months and the highest level in the past 8 years. Pepper prices then adjusted down to VND153,000 - 157,000/kg at the end of June.

Thus, by the end of the second quarter, domestic pepper prices had increased by about 93% compared to the beginning of the year and 2.3 times higher than the same period last year.

As of the end of June, Vietnam had exported more than 140,000 tons, accounting for about 83% of the total expected output of about 170,000 tons this year. Thus, there are still 7-8 months left until the new harvest (expected after Tet from February 2025) while the amount of goods remaining in the hands of people, agents and businesses is not as much as the Vietnam Pepper and Spice Association (VPSA) previously assessed.

World pepper price today

Update on world pepper prices from the International Pepper Community (IPC), at this time, Indonesian black pepper prices are stable compared to yesterday; Brazilian pepper prices are flat, while Malaysian pepper prices are unchanged. Vietnamese pepper prices listed today are stable.

At the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 7,150 USD/ton, and the price of Muntok white pepper at 9,103 USD/ton.

The price of Brazilian ASTA 570 black pepper remained stable at USD 6,950/ton. The price of Malaysian ASTA black pepper also remained stable at USD 7,500/ton; the price of this country's ASTA white pepper reached USD 8,800/ton.

Vietnamese black pepper prices remain high at 6,000 USD/ton for 500 g/l; 6,600 USD/ton for 550 g/l; and 8,800 USD/ton for white pepper.

The domestic and international pepper markets have witnessed unprecedented fluctuations in the second quarter of this year. Some experts believe that signs of supply shortage compared to demand will continue to be recorded and reflected in the market in the coming time until the crop is limited.

Reduced output from Brazil and Vietnam, the world's two leading pepper producing countries, has pushed international pepper prices up continuously in the first months of this year. In particular, the market has witnessed unprecedented volatility in the second quarter of this year.

Accordingly, the export price of black pepper from Indonesia and Brazil increased by 93.1% and 2.3 times respectively in a short period from the beginning of the second quarter to mid-June, while Vietnam also recorded an increase of 70 - 83% during the above period.

In the following weeks, the market corrected and stabilized somewhat, but still fluctuated at its highest level in the past 8 years.

Domestic pepper price on July 29 , 2024