Turned around and increased strongly again, reaching the peak of 139,000 VND/kg

Today, November 8, 2024, pepper prices in the Southeast region of Vietnam have surged again by 2,500-3,500 VND/kg in most key areas, trading around 138,000-139,000 VND/kg; the highest purchase prices were recorded in Dak Nong and Ba Ria - Vung Tau provinces.

Accordingly, Dak Lak pepper price was purchased at 138,500 VND/kg, an increase of 2,500 VND/kg compared to yesterday. Chu Se pepper price (Gia Lai) was purchased at 138,000 VND/kg, an increase of 2,500 VND/kg compared to yesterday. Dak Nong pepper price today was recorded at 139,000 VND/kg, a sharp increase of 3,000 VND/kg compared to yesterday.

Pepper prices today, November 8, 2024: Turning around and rising sharply again, reaching a peak of 139,000 VND/kg.

In the Southeast region, pepper prices today fluctuated compared to yesterday. Specifically, in Binh Phuoc , the price of pepper today is 138,000 VND/kg, a sharp increase of 3,000 VND/kg compared to yesterday. In Ba Ria - Vung Tau, the price is currently 139,000 VND/kg, an increase of 3,500 VND/kg compared to yesterday.

Thus, domestic pepper prices today saw a sharp increase across key pepper-growing regions. The highest price reached 139,000 VND/kg.

Recently, the domestic pepper market has shown signs of price increases exceeding actual supply and demand. According to experts, pepper prices are currently being adjusted to reflect their true value at this time. This adjustment is necessary to rebalance the market.

Forecasts indicate that Vietnam's pepper production will reach approximately 170,000 tons in the upcoming harvest, accounting for 35-40% of the global supply. Therefore, world pepper prices may continue to fluctuate sharply, especially as pepper enters a new 10-15 year price increase cycle, with prices potentially reaching 300,000 VND/kg.

The anticipated demand for pepper during the year-end festive season is expected to be a positive driving force in keeping pepper prices high. With stable prices, Vietnam's pepper exports are expected to remain stable in the final months of 2024, benefiting both producers and exporters.

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$6,665/ton, up 0.47% from yesterday, while Muntok white pepper was at US$9,124/ton, down 0.46% from yesterday.

Brazilian ASTA 570 black pepper was priced at $6,300/ton, down 1.59%. Malaysian ASTA black pepper was priced at $8,500/ton; Malaysian ASTA white pepper reached $11,000/ton.

Specifically, the price of Vietnamese black pepper remained stable, trading at US$6,500/ton for the 500 g/l variety; US$6,800/ton for the 550 g/l variety; and the price of white pepper was US$9,500/ton.

According to preliminary statistics of the Vietnam Pepper and Spices Association (VPSA), in October 2024, Vietnam exported 18,493 tons of pepper of all kinds with a total turnover of 120.2 million USD. Export volume increased by 7.9% compared to the previous month, but decreased by 3.6% compared to the same period last year.

The average export price of black pepper in the month reached US$6,284/ton, down US$28 from the previous month, while the price of white pepper rose to US$8,029/ton, up US$191.

The US remained the largest export market in October, accounting for 27.7% with 5,128 tons, down 8.5% from September. This was followed by Hong Kong (1,784 tons), UAE (1,382 tons), Netherlands (1,000 tons), and Germany (960 tons).

By the end of October 2024, Vietnam had exported 219,387 tons of pepper of all kinds with a total turnover of more than 1.1 billion USD, down 1.9% in volume but up 48% in turnover over the same period last year.

Specifically, exports of black pepper reached 193,892 tons, and white pepper reached 25,495 tons (black pepper decreased by 3.3%, white pepper increased by 10.8%), corresponding to export values of 881.6 million USD and 162.6 million USD.

The average export price of black pepper in the first 10 months reached US$4,971/ton, an increase of US$1,528/ton, and white pepper reached US$6,626/ton, an increase of US$1,671/ton compared to the same period in 2023.

The US was Vietnam's largest export market for pepper after 10 months, accounting for 28.5% with 62,553 tons, a 46.8% increase compared to the same period last year.

Next are the markets: UAE: 14,540 tons, accounting for 6.6%, an increase of 45.0%; Germany: 13,737 tons, accounting for 6.3%, an increase of 77.2%; India: 9,428 tons, accounting for 4.3%, a decrease of 10.5%; and the Netherlands: 9,295 tons, accounting for 4.2%, an increase of 41.2% compared to the same period. China is Vietnam's sixth largest export market with 9,252 tons, however, compared to the same period, export volume decreased by 84%.

Domestic pepper prices on November 8, 2024