| Pepper price forecast on July 22, 2024: Reversal to increase again? Pepper price forecast on July 23, 2024: Strong increase, returning to 150,000 VND/kg? |
Pepper prices are forecast to fall sharply on July 25, 2024. Experts also estimate that in the long term, Vietnamese pepper prices will continue to increase, due to the impact of El Nino, causing a shortage of pepper supply globally.
After a long time being out of the list of billion-dollar agricultural products, pepper is gradually recording impressive growth in export turnover.
According to the Vietnam Pepper and Spices Association (VPSA), as of July 15, 2024, the total pepper export turnover reached 690.7 million USD and the import turnover reached 74.1 million USD (mainly raw materials). With this result, the whole industry had a trade surplus of 616.6 million USD.
By the end of June 2024, Vietnam had exported 142,586 tons of pepper of all kinds, down 6.8% in volume but up 30.5% in value. Of which, the amount of black pepper exported reached 125,959 tons, white pepper reached 16,627 tons. Total export value reached 634.2 million USD, black pepper reached 539.9 million USD, white pepper reached 94.3 million USD.
In the first 6 months of the year, the average export price of black pepper reached 4,365 USD/ton, white pepper reached 5,983 USD/ton, an increase of 922 USD/ton for black pepper and 1,028 USD/ton for white pepper compared to the first 6 months of 2023.
In the domestic market, in recent days, pepper prices have fluctuated around 150,000 VND/kg, twice as high as in 2023.
Pepper price today, July 24, 2024, in the Southeast region, is the same as yesterday, trading around 148,000 - 150,000 VND/kg, the highest purchase price in Dak Lak and Dak Nong provinces is 150,000 VND/kg.
Specifically, Dak Lak pepper price is purchased at 150,000 VND/kg, unchanged from yesterday. Chu Se pepper price (Gia Lai) is purchased at 149,000 VND/kg. Dak Nong pepper price today is recorded at 150,000 VND/kg.
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| Pepper price forecast on July 25, 2024: Turning around and plunging, leaving the 150,000 VND/kg mark |
In the Southeast region, pepper prices today are stable compared to yesterday. Specifically, in Ba Ria - Vung Tau, the price is still at 149,000 VND/kg; in Binh Phuoc, pepper prices today remain stable at 148,000 VND/kg.
World pepper prices today , at the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,191 USD/ton; the price of Brazilian black pepper ASTA 570 at 7,125 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 7,500 USD/ton. The price of Muntok white pepper is 9,157 USD/ton; the price of Malaysian white pepper ASTA is 8,800 USD/ton.
The price of Vietnamese black pepper is kept at a high level of 6,000 USD/ton for 500 g/l; 6,600 USD/ton for 550 g/l; and 8,800 USD/ton for white pepper. According to the International Pepper Association (IPC), pepper prices in Brazil, Vietnam, and Indonesia remain unchanged.
Domestic pepper price on July 24 , 2024
Province, city | Unit | Trader purchase price | Increase/decrease compared to yesterday |
Chu Se (Gia Lai) | VND/kg | 149,000 | – |
Dak Lak | VND/kg | 150,000 | – |
Dak Nong | VND/kg | 150,000 | – |
Binh Phuoc | VND/kg | 149,000 | – |
Ba Ria - Vung Tau | VND/kg | 149,000 | – |
According to the General Department of Customs, in the first half of July 2024, Vietnam earned 898 million USD from exporting agricultural products, up 21% over the same period last year. Of which, pepper was the item with the highest increase in export price, up 55% over the same period last year, from 3,686 USD/ton to 5,727 USD/ton.
Pepper export volume increased by 53% compared to the same period last year, reaching 10,796 tons, contributing to pushing export turnover to 61 million USD, an increase of 137%. This is also the only item with triple-digit growth in turnover in the agricultural product group.
It is likely that Vietnam's pepper exports this year will reach over 1 billion USD, thereby bringing the pepper industry back into the billion-dollar industry group since 2017.
*Information for reference only. Prices may vary depending on time and location.
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