Pepper prices today, August 22, 2024, in the domestic market continued to increase in key localities, trading from 140,000 - 141,000 VND/kg.
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| Pepper price today August 22, 2024: Continuing the upward trend, Vietnamese pepper import and export decreased, supply is scarce. (Source: Shutterstock) |
Pepper prices today, August 22, 2024, in the domestic market continued to increase in key localities, trading from 140,000 - 141,000 VND/kg.
Specifically, pepper price today in Gia Lai is at 140,000 VND/kg.
Pepper prices today in the provinces of Dong Nai (140,000 VND/kg); Dak Lak (141,000 VND/kg); Dak Nong (141,000 VND/kg); Ba Ria - Vung Tau (141,000 VND/kg) and Binh Phuoc (140,000 VND/kg).
Thus, following the previous day's increase, domestic pepper prices today continued to rise in most key localities, increasing by 1,000 VND/kg, with only Dak Lak recording a flat price. The highest pepper price was at 141,000 VND/kg.
Preliminary statistics from the General Department of Customs show that in the first 15 days of August 2024, Vietnam exported a total of 10,006 tons of pepper, earning 59.59 million USD.
Accumulated to August 15, 2024, Vietnam's pepper exports reached 173,372 tons, worth 820.16 million USD. Thus, the goal of returning to the billion-dollar pepper export "club" is very close.
According to the Vietnam Pepper and Spices Association (VPSA), the top three pepper exporting companies in Vietnam in the first 15 days of August were Haprosimex JSC, Olam Vietnam and Lien Thanh, with export volumes of 1,471 tons, 1,105 tons and 989 tons, respectively.
Regarding imports, Vietnam purchased 569 tons of pepper in the first 15 days of August, with a total value of 3.1 million USD. Brazil and Indonesia were the two main pepper suppliers to Vietnam, with imports of 219 tons and 211 tons, respectively. The largest pepper importer was Tran Chau, with a total import volume of 219 tons.
Vietnam's pepper import and export situation in the first half of August 2024 showed a decline, reflecting the scarcity of supply from Vietnam.
In the world market, at the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,472 USD/ton; the price of Brazilian black pepper ASTA 570 at 6,175 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 8,500 USD/ton.
Muntok white pepper price is 8,798 USD/ton; ASTA Malaysian white pepper price is at 10,400 USD/ton.
Vietnam's black pepper price is trading at 5,800 USD/ton for 500 g/l; 550 g/l at 6,200 USD/ton; white pepper price at 8,500 USD/ton. IPC keeps pepper prices in other countries unchanged compared to yesterday.
The global pepper market is worth about 5.4 billion USD, forecast to grow at an average of 20% in the period 2024 - 2032. Currently, Vietnam's pepper output accounts for 40% and exports account for 60% of the world market share.
Brazil is the world's second largest producer and exporter of black pepper after Vietnam, accounting for 17-18% of the total global supply. The continuous crop failure in Brazil is expected to have a global ripple effect, expected to push global pepper prices up in the last months of 2024 when pepper supply from other major producing countries such as Vietnam, Malaysia, Indonesia, etc. also decreases significantly.
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