Pepper export turnover grows strongly after decreasing for the second consecutive day

Pepper price today, November 2, 2024, in the Southeast region decreased sharply by 1,000 - 1,300 VND/kg compared to yesterday, trading around 140,000 - 141,200 VND/kg; the highest purchase price in Dak Nong province.

Accordingly, Dak Lak pepper price is purchased at 141,000 VND/kg, down 1,000 VND/kg compared to yesterday. Chu Se pepper price (Gia Lai) is purchased at 140,000 VND/kg, down 1,000 VND/kg compared to yesterday. Dak Nong pepper price today is recorded at 141,200 VND/kg, down 1,300 VND/kg compared to yesterday.

In the Southeast region, pepper prices today fluctuated compared to yesterday. Specifically, in Binh Phuoc, pepper prices today are at 140,000 VND/kg, down 1,000 VND/kg compared to yesterday. In Ba Ria - Vung Tau, it is currently at 141,000 VND/kg, down 1,000 VND/kg compared to yesterday.

Pepper price today November 2, 2024: Decreased for the second consecutive day, pepper export turnover grew strongly

Thus, domestic pepper prices today in key regions decreased by 1,000 - 1,300 VND/kg compared to yesterday, recording the highest price of 141,200 VND, the lowest of 140,000 VND/kg.

World pepper prices today

Update on world pepper prices from the International Pepper Association (IPC), at the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 6,683 USD/ton, down 0.12% compared to yesterday, the price of Muntok white pepper at 9,150 USD/ton, down 0.11% compared to yesterday.

The price of Brazilian ASTA 570 black pepper is at 6,400 USD/ton. The price of Malaysian ASTA black pepper is at 8,500 USD/ton; the price of this country's ASTA white pepper is at 11,000 USD/ton.

Of which, the price of Vietnamese black pepper is stable at 6,500 USD/ton for 500 g/l; 550 g/l at 6,800 USD/ton; and white pepper price at 9,500 USD/ton.

In October 2024, domestic pepper prices fell by an average of VND7,000/kg. Meanwhile, according to statistics based on data from the International Pepper Community (IPC), in October 2024, Vietnam's pepper export prices fell by USD300/ton. Pepper prices in other countries generally decreased during the month.

Pepper prices are under pressure as farming companies, dealers and intermediaries are selling aggressively. This activity is mainly driven by liquidity needs as sellers seek to raise capital to invest in coffee, which is in its harvest season.

Currently, domestic pepper prices are still nearly 80% higher than at the beginning of the year and double the same period last year.

According to the Ministry of Agriculture and Rural Development, pepper is the agricultural product with the strongest export growth in the first 10 months of 2024, reaching 1.12 billion USD, up 48% over the same period last year. Thus, after only 10 months, this industry has soon surpassed the 1 billion USD mark for the first time in 6 years.

This impressive growth comes from high pepper prices due to a decline in global supply while demand recovers strongly in major markets, especially the US and the European Union (EU).

Data from the European Statistical Office (Eurostat) shows that in the first 8 months of 2024, the EU imported 44,870 tons of pepper from non-bloc markets, worth nearly 216 million EUR, up 33.3% in volume and 49.5% in value over the same period last year.

Of which, Vietnam is the largest pepper supplier to the EU, with import volume reaching over 29,736 tons, worth 138.3 million EUR, up 41.8% in volume and 66.5% in value.

Vietnam's pepper market share in the EU's total imports from extra-bloc markets accounted for 66.3% of the total volume and 63% of the total value in the first 8 months of 2024.

According to data from the US International Trade Commission, in the first 8 months of the year, the world's largest importing country bought 63,294 tons of pepper of all kinds, worth 306.9 million USD, up 37% in volume and 44.8% in value over the same period last year.

Of which, Vietnam is the largest pepper supplier to the US with a volume of 49,277 tons, up 35.4% over the same period and accounting for nearly 78% of the market's import capacity.

Domestic pepper price on November 2, 2024