Domestic pepper prices have risen slightly again.

Domestic pepper prices today

Today, June 14, 2024, pepper prices in the Central Highlands and Southeast regions saw a slight increase of 1,000 - 5,000 VND/kg in some localities, trading around 160,000 VND/kg. The highest purchase price was in Dak Nong and Binh Phuoc provinces at 162,000 VND/kg.

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

Pepper prices today, June 14, 2024: Domestic pepper prices have slightly increased again.

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

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

Today's world pepper prices

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

Muntok white pepper prices are at US$8,416/ton (down 0.01%); Malaysian ASTA white pepper prices remain at US$7,300/ton.

Prices for Vietnamese black pepper have all increased sharply, reaching US$7,800/ton (up 6.84%); US$8,000/ton for the 550 g/l variety (up 2.56%); and US$12,000/ton for white pepper (up 12.14%).

Domestic pepper prices on June 12th reached a peak of 186,000 VND/kg in key producing regions, much to the delight of farmers. However, the high export prices are causing headaches and difficulties for many businesses.

One of the main factors driving up pepper prices is the rising cost of sea freight. According to logistics companies, the reason for this increase is the ongoing war, which is impacting global shipping rates.

Shipping rates have unexpectedly surged by approximately 100% across all routes, with rates on routes from Vietnam to the US more than doubling compared to March.

More worryingly, despite the high prices, exporters are finding it very difficult to book ships to ship their goods.

The reason for this is that the US plans to impose heavy tariffs on many Chinese goods starting in August. Therefore, Chinese exporters and US importers want to accelerate their import and export activities before the deadline to avoid being subject to tariffs.

Chinese exporters have been paying higher prices for space on the ships. Currently, China is willing to pay up to $1,000 for a slot, while Vietnam is only willing to pay $600, making it impossible to compete.

According to associations exporting pepper, coffee, cocoa, and seafood, the rapid increase in shipping costs will cause businesses that have goods to export to incur losses.

Currently, freight rates have only increased on some routes, but they are worried that this incident will create a domino effect on other routes. Businesses that are already struggling will not be able to withstand such significant losses if freight rates continue to rise.

According to shipping market research firm Linerlytica, ports in Southeast Asia are becoming the "most serious bottleneck" for global shipping, with 26% of global container shipping capacity currently stuck in the region.

Domestic pepper prices on June 14 , 2024

Provinces and cities	Unit	The price offered by traders.	Increase/decrease compared to yesterday
Chu Se (Gia Lai)	VND/kg	160,000	+5,000
Dak Lak	VND/kg	160,000	0
Boeing 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