Domestic pepper prices increase slightly again

Domestic pepper price today

Pepper price today, June 14, 2024, in the Central Highlands and Southeast regions increased slightly from 1,000 - 5,000 VND/kg in some localities, trading around 160,000 VND/kg, the highest purchase price in Dak Nong and Binh Phuoc provinces is 162,000 VND/kg.

Accordingly, the price of Dak Lak pepper is purchased at 160,000 VND/kg, stable compared to yesterday's price. The price of Chu Se pepper (Gia Lai) is currently at 160,000 VND/kg, an increase of 5,000 VND/kg compared to yesterday. The price of Dak Nong pepper today is recorded at a record price of 162,000 VND/kg, an increase of 2,000 VND/kg compared to yesterday.

Pepper price today June 14, 2024: Domestic pepper price increased slightly again

In the Southeast region, pepper prices today increased from 1,000 - 3,000 VND/kg. Specifically, in Ba Ria - Vung Tau, it reached 161,000 VND/kg, an increase of 1,000 VND/kg; in Binh Phuoc, pepper prices reached 162,000 VND/kg, an increase of 3,000 VND/kg.

After a slight decrease yesterday, domestic pepper prices today increased slightly to 160,000 - 162,000 VND/kg. Thus, domestic pepper prices today increased slightly in most key localities compared to yesterday, an increase of 1,000 - 3,000 VND/kg. In all localities, pepper prices are at 160,000 VND/kg or higher. The highest pepper price was recorded at 162,000 VND/kg.

World pepper price today

At the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 6,448 USD/ton (down 0.01%); the price of Brazilian black pepper ASTA 570 at 8,500 USD/ton; the price of Kuching black pepper (Malaysia) ASTA remained at 4,900 USD/ton.

Muntok white pepper price is 8,416 USD/ton (down 0.01%); Malaysian ASTA white pepper price remains at 7,300 USD/ton.

The price of Vietnamese black pepper increased sharply across the board, reaching 7,800 USD/ton (up 6.84%); 550 g/l at 8,000 USD/ton (up 2.56%); white pepper at 12,000 USD/ton (up 12.14%).

Domestic pepper prices on June 12 peaked at VND186,000/kg in key areas, making farmers extremely excited. However, the high export price of pepper has caused many businesses headaches and difficulties.

One of the main factors pushing up pepper prices is shipping costs. According to businesses in the logistics service sector, the reason for the increase in shipping costs is that the war is affecting shipping costs globally.

Shipping rates suddenly increased by about 100% on all routes, even routes from Vietnam to the US more than doubled compared to March.

More worryingly, despite the high prices, exporters find it difficult to book ships to export their goods.

The reason for this problem is that the US plans to impose heavy tariffs on many types of Chinese goods from August. Therefore, Chinese exporters and US importers want to boost imports and exports before the above deadline to avoid being taxed.

Chinese exporters have been paying higher prices to get a slot on the ship. At present, China is willing to pay up to 1,000 USD for a slot on the ship, while Vietnam is only willing to pay 600 USD, so they cannot compete.

According to the association of pepper, coffee, cocoa and seafood exporters, the rapid increase in shipping costs will cause businesses to suffer losses if they export goods.

The fares have only increased on a few routes, but they are worried that this incident will have a domino effect on other routes. Businesses that are struggling will not be able to bear too much loss if the freight rates continue to increase.

Shipping market research firm Linerlytica said that ports in Southeast Asia are becoming the “most serious bottleneck” for the world’s maritime transport, with 26% of global container capacity stuck in the region.

Domestic pepper price on June 14 , 2024

Province, city	Unit	Trader purchase price	Increase/decrease compared to yesterday
Chu Se (Gia Lai)	VND/kg	160,000	+5,000
Dak Lak	VND/kg	160,000	0
Dak Nong	VND/kg	162,000	+2,000
Binh Phuoc	VND/kg	162,000	+3,000
Ba Ria - Vung Tau	VND/kg	161,000	+1,000