Pepper prices continue to increase sharply

Domestic pepper prices today

Pepper price today November 29, 2024, domestic pepper price continues to increase compared to yesterday November 28, 2024; some provinces increased by 1,500 VND/kg.

Specifically, Gia Lai and Binh Phuoc provinces both increased by 1,000 VND/kg; Dak Nong increased by 1,300 VND/kg; and Ba Ria - Vung Tau and Dak Lak provinces increased by 1,500 VND/kg.

Pepper price today, November 29, 2024 continues to increase strongly. Photo: Le Son

Accordingly, the pepper price today, November 29, 2024, Ba Ria - Vung Tau province is the locality with the lowest price, at 141,500 VND/kg; followed by Binh Phuoc at 142,000 VND/kg; Gia Lai 142,500 VND/kg; Dak Lak and Dak Nong both at 143,500 VND/kg.

The average pepper price today, November 29, 2024, is at 142,600 VND/kg, a sharp increase of 1,300 VND/kg compared to yesterday, November 28, 2024.

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 due to weather, pests and diseases and the sharp increase in prices of many other agricultural products.

Domestic pepper price today November 29, 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 Brazilian and Indonesian markets which increased slightly.

Specifically, IPC listed the price of Indonesian Lampung black pepper at 6,624 USD/ton; up 0.42%; the price of Muntok white pepper at 9,131 USD/ton, up 0.33%.

The price of Brazilian ASTA 570 black pepper was at USD 6,150/ton, up 1.63%. The price of Malaysian ASTA black pepper was at USD 8,400/ton; the price of this country's ASTA white pepper reached 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.

Vietnam is one of the world's largest exporters of pepper and spices, accounting for about 11% of the global market share in 2023. In the first 10 months of 2024, Vietnam's export output reached 219,000 tons. Products such as pepper, cinnamon, and star anise are effectively exported to potential markets such as the United States, the EU, China, India, and the Middle East.