Pepper prices continue to skyrocket.

Domestic pepper prices today

Today, December 1st, 2024, domestic pepper prices continue to rise compared to yesterday, November 30th, 2024, reaching 147,000 VND/kg.

Specifically, Gia Lai, Ba Ria - Vung Tau, and Binh Phuoc provinces all increased by 1,000 VND/kg; Dak Nong increased by 1,500 VND/kg, while Dak Lak increased by an additional 2,000 VND/kg.

Accordingly, today, December 1st, 2024, the price of pepper in Ba Ria - Vung Tau province is the lowest at 144,000 VND/kg; followed by Gia Lai and Binh Phuoc at 145,000 VND/kg; Dak Nong at 146,500 VND/kg; and Dak Lak province reaching 147,500 VND/kg.

Giá tiêu hôm nay 1/12/2024: Giá tiêu tiếp tục tăng phi mã

Pepper prices continued to skyrocket today, December 1, 2024. Photo: Le Son

The average price of pepper today, December 1st, 2024, is 145,500 VND/kg, a sharp increase of 1,300 VND/kg compared to yesterday, November 30th, 2024.

Experts predict that the Chinese market will increase its pepper imports next year. Currently, China is consuming only about 10,000 tons of pepper this year, much lower than the average of 50,000-60,000 tons in previous years.

Currently, Vietnam has over 115,000 hectares of land planted with pepper and other spices. The South Central Coast and Central Highlands regions account for the majority of this area, with over 75,300 hectares. The remaining area is concentrated in the Southern and Northern regions.

Vietnam is currently one of the world's largest pepper exporters, accounting for approximately 11% of the global market share (as of 2023). In the first 10 months of 2024, Vietnam exported 219,000 tons of pepper and spice products. Items such as pepper, cinnamon, and star anise have been successfully exported to large and potential markets such as the United States, the EU, China, India, and the Middle East.

Domestic pepper prices updated on December 1, 2024.

Today's world pepper prices

According to the International Pepper Association (IPC), the world pepper price update at the end of the most recent trading session showed the market remaining largely stable compared to the previous update, with the exception of the Indonesian market which saw a slight increase.

Specifically, IPC listed the price of Indonesian Lampung black pepper at US$6,627/ton, up 0.05%; and Muntok white pepper at US$9,143/ton, up 0.13%.

Brazilian ASTA 570 black pepper prices remained stable at US$6,150/ton; Malaysian ASTA black pepper prices were at US$8,400/ton; and Malaysian ASTA white pepper prices reached US$10,500/ton.

Specifically, the price of Vietnamese black pepper remained stable at US$6,200/ton for the 500 g/l grade, and US$6,500/ton for the 550 g/l grade; the price of white pepper remained unchanged at US$9,400/ton.

Last year, pepper prices surged right from the start of the season thanks to traders aggressively buying up supplies for export to China. This fueled expectations of a new price surge for pepper, as supply became increasingly scarce. These signals indicate that the pepper market is gradually shifting to a phase favorable to pepper growers.

The Vietnamese pepper industry is currently benefiting from high export prices, providing a good source of income for farmers. However, export businesses are facing difficulties in sourcing enough pepper domestically to meet demand. This forces them to increase pepper imports, especially from neighboring countries, in order to maintain business operations and fulfill international orders.