| Pepper price forecast August 31, 2024: Will the sharp increase continue? Pepper price forecast September 1, 2024: Will the upward trend continue, and will pepper prices recover to the levels of early August? |
Pepper prices are projected to surge on September 2nd, 2024. According to data compiled by the Ministry of Agriculture and Rural Development , in the first eight months of 2024, total exports of agricultural, forestry, and aquatic products reached US$40.08 billion, while imports totaled US$28.28 billion. Thus, the agricultural sector's trade surplus was US$11.8 billion, an increase of 68.4%.
The average export price of several export items also increased significantly, with pepper reaching $4,810 per ton, a 47% increase.
In the domestic market, today, September 1st, 2024, pepper prices in the Southeast region increased by 500-1,000 VND compared to yesterday, trading around 144,000-146,000 VND/kg, with the highest purchase price in Dak Lak province at 146,000 VND/kg.
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| Pepper price forecast September 2, 2024: Will buying pressure return, and pepper prices remain high? |
Accordingly, the price of pepper in Dak Lak has risen to 146,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday. The price of pepper in Chu Se (Gia Lai) is 144,000 VND/kg, also an increase of 1,000 VND/kg compared to yesterday. The price of pepper in Dak Nong today is recorded at 145,500 VND/kg, an increase of 1,000 VND/kg compared to yesterday.
In Binh Phuoc, the price of pepper today rose to 145,500 VND/kg, an increase of 500 VND/kg compared to yesterday. In Ba Ria - Vung Tau, the price also rose to 145,500 VND/kg, an increase of 1,000 VND/kg compared to yesterday.
According to the International Pepper Association (IPC), at the close of the most recent trading session, the IPC listed Indonesian Lampung black pepper at US$7,529/ton and Muntok white pepper at US$8,865/ton.
Brazilian ASTA 570 black pepper prices remained at US$6,450/ton. Malaysian ASTA black pepper prices continued to hold steady at US$8,500/ton; Malaysian ASTA white pepper prices reached US$10,400/ton.
Vietnamese black pepper is trading at US$6,100/ton for the 500 g/l grade; US$6,500/ton for the 550 g/l grade; and white pepper at US$8,800/ton.
Regarding the market outlook from now until the end of the year, the Chu Se Pepper Association (Gia Lai province) predicts that the price increase cycle will continue. This is because even if the next pepper harvest is slightly better than the previous one, it will not be able to compensate for the pepper acreage lost in the past and continuing to be lost.
The Chu Se Pepper Association believes that Vietnam is at the end of its stockpiles from previous years. Businesses share that for every 10 tons of pepper they purchase, about 3-4 tons are old stock that has been stored for 2-3 years.
Therefore, if existing stockpiles run out, there will be a severe shortage of pepper. This means that a supply shortage is almost certain. The Chu Se Pepper Association predicts that the upcoming pepper price increase cycle will be prolonged.
*This information is for reference only. Prices may vary depending on the time and location.
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