Domestic pepper price today
Today's pepper price was updated at 4:30 a.m. on December 31, 2024 as follows: Domestic pepper prices have slightly increased and decreased between localities, the increase - decrease is about 500 VND/kg. Currently, the average pepper purchase price is 146,800 VND/kg.
Specifically, pepper prices in Gia Lai today, after many sessions of increase, have slightly decreased again, currently the local purchase price is 146,000 VND/kg (down 500 VND/kg); on the contrary, pepper prices in Binh Phuoc increased by 500 VND/kg, currently at 147,000 VND/kg; similarly, pepper prices in Ba Ria - Vung Tau, Dak Nong, Dak Lak provinces are at a high level and are purchased at 147,000 VND/kg.
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| Domestic pepper price updated on December 31, 2024 |
According to pepper traders, the price of this agricultural product is still quite high, fluctuating around 146,500 - 147,500 VND/kg. In summary, this week, the domestic pepper market increased sharply from 1,500 - 2,000 VND/kg compared to the previous week.
Experts say that the US Federal Reserve (FED) interest rate cut is expected to stimulate economic activity in major importing countries, potentially increasing demand for Vietnamese pepper in key markets such as the US and EU. Pepper prices are facing a new upward cycle in early 2025.
The main reason is believed to be the continued decline in global supply, while demand from major markets such as China and Europe has increased. In addition, increased transportation costs have also pushed up pepper prices.
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| Farmers in Dak Nong province harvest pepper |
According to a recent report by Ptexim (a company specializing in providing clean products for the community), demand for pepper remains stable from markets such as the US, Asia, the EU and China, although only a small amount of black and white pepper is purchased. However, the volume of goods traded on the market is very limited and liquidity is quite slow.
The Import-Export Department (Ministry of Industry and Trade) said that the market is currently showing signs of speculation pushing prices up due to the temporary suspension of demand from Europe and the US, as they have purchased enough goods. Currently, businesses are making deliveries according to previously signed orders, while purchases remain low.
According to data from the European Statistical Office, in the first 10 months of 2024, the EU imported 55.94 thousand tons of pepper from the non-bloc market, worth approximately 282.5 million EUR (equivalent to 296.89 million USD), up 32.7% in volume and 55.6% in value over the same period last year.
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| Lush green pepper gardens are grown in Duc Trong district, Lam Dong province. |
World pepper price today
Update on world pepper prices from the International Pepper Community (IPC) at 4:30 a.m. on December 31 as follows: The world pepper market continues to maintain stable prices, in which pepper prices in Indonesia have increased slightly again, increasing from 38 - 49 USD/ton.
Specifically, IPC listed the price of Indonesian Lampung black pepper at 6,855 USD/ton (up 38 USD/ton) compared to the previous trading session, similarly, the price of Muntok white pepper was purchased at 8,970 USD/ton (up 49 USD/ton).
Apart from the increase in pepper prices in Indonesia, pepper markets in other countries have been less volatile and remain high. The price of ASTA black pepper from Malaysia is purchased at 8,500 USD/ton; the price of ASTA white pepper is at 10,700 USD/ton.
The price of Brazilian black pepper ASTA 570 continues to remain stable at a fairly high level, currently at $6,275/ton.
The export price of Vietnamese black pepper is stable, currently reaching 6,400 USD/ton for 500 g/l and 6,700 USD/ton for 550 g/l; the price of white pepper is high at 9,600 USD/ton.
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| Update world pepper prices today December 31, 2024 |
A weaker US dollar due to interest rate cuts could benefit Vietnamese exporters by making their products more price competitive in US dollar-denominated markets, encouraging higher export volumes.
According to statistics, Vietnam is the largest supplier of pepper from outside the bloc to the EU in the first 10 months of 2024, reaching over 37 thousand tons, worth 181.9 million EUR (equivalent to nearly 191.2 million USD), up 41.2% in volume and 74% in value over the same period last year.
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