With limited supply, pepper prices remain more than 70% higher than at the beginning of the year.

Today, November 14, 2024, pepper prices in the Southeast region remained stable in most key areas, trading around 138,000 - 139,000 VND/kg; the highest purchase prices were recorded in Dak Nong, Dak Lak, and Binh Phuoc provinces.

Accordingly, the price of pepper in Dak Lak remained unchanged at 139,000 VND/kg compared to yesterday. The price of pepper in Chu Se (Gia Lai) increased by 500 VND/kg to 138,500 VND/kg. The price of pepper in Dak Nong today was recorded at 139,000 VND/kg, the same as yesterday.

Pepper prices today, November 14, 2024: Pepper prices are still 70% higher than at the beginning of the year.

In the Southeast region, pepper prices today remain unchanged compared to yesterday. Specifically, in Binh Phuoc, the price of pepper is stable at 139,000 VND/kg. In Ba Ria - Vung Tau, the price is currently at 138,000 VND/kg, unchanged from yesterday.

Thus, domestic pepper prices remained stable today in key pepper-growing regions. In the domestic market, the highest price was 139,000 VND/kg, and the lowest was 138,000 VND/kg.

Today's world pepper prices

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$6,514/ton, down 0.06%, and Muntok white pepper at US$9,116/ton, down 0.07%.

Brazilian ASTA 570 black pepper is priced at $6,000/ton, down 5.00%. Malaysian ASTA black pepper is priced at $8,500/ton; Malaysian ASTA white pepper is priced at $11,000/ton.

Specifically, the price of Vietnamese black pepper dropped sharply to $6,200/ton for the 500 g/l variety, down 4.84%; $6,500/ton for the 550 g/l variety, down 4.62%; and the price of white pepper was $9,400/ton, down 1.06%.

Due to the prolonged heatwave at the beginning of 2024, pepper crop yields are significantly affected, leading to a continued decrease in production in 2025. It is predicted that pepper prices in the 2025 crop will be higher than in the 2024 crop (reaching a peak of 160,000 VND/kg).

The Import-Export Department (Ministry of Industry and Trade) forecasts that in the remaining months of this year, Vietnam's pepper exports will not be favorable due to limited domestic supply and continued low demand from China. However, it is expected that exports to this market will improve in early 2025 as demand is projected to increase significantly.

Looking at the upward trend, buying pressure from China and the year-end holiday season are key expectations for the market. However, the forecast of a one-month delay in Vietnam's harvest next year is also causing some concern in the market.

Regarding the market outlook, experts predict that domestic pepper prices will remain below 150,000 VND/kg amidst high gold and USD prices and the upcoming new coffee harvest. Furthermore, Vietnam's export pepper prices will remain stable at a high level due to limited supply.

Recently, the global market received a large boost from Indonesia's harvest, and China took advantage of this to purchase significant quantities. However, following Indonesia's harvest, there hasn't been a substantial increase in supply until February 2025. This presents a major advantage for Vietnamese pepper as it enters next year's harvest season.

In the Vietnamese domestic market, pepper prices remain under pressure due to slowing demand, while sellers seek to raise capital to invest in coffee, which is currently in harvest season. Despite this, limited supply has kept pepper prices approximately 70% higher than at the beginning of the year and double the price of the same period last year.

According to data from the General Department of Customs, in October, Vietnam's pepper exports reached 18,415 tons, worth 120.6 million USD, an increase of 7.7% in volume and 9.1% in value compared to the previous month, while compared to the same period last year, there was a decrease of 4.8% in volume but an increase of 65.3% in value.

In the first 10 months of the year, exports of this spice reached 218,732 tons, worth $1.11 billion, a decrease of 3% in volume but an increase of 47% in value compared to the same period in 2023.

Thus, in just 10 months, the pepper industry has returned to the billion-dollar export club after a six-year absence. This result also makes pepper the agricultural product with the strongest export growth since the beginning of the year.

This is mainly due to the export price of pepper increasing by 51.5% in the first 10 months compared to the same period last year, reaching an average of 5,077 USD/ton.

In October alone, the average export price of pepper reached US$6,548 per ton, a 1.4% increase compared to the previous month and a 73.6% increase compared to the same period last year. This is the highest price achieved in the past eight years, since January 2017.

Domestic pepper prices on November 14, 2024