Gloomy market, 78% of pepper imported into the US comes from Vietnam

Pepper prices today, September 28, 2024, in the domestic market continued to decline in key localities, trading from 148,000 - 149,000 VND/kg.

Pepper price today September 28, 2024: Gloomy market, 78% of pepper imported into the US comes from Vietnam. (Source: EMediHealth)

Pepper prices today, September 28, 2024, in the domestic market continued to decline in key localities, trading from 148,000 - 149,000 VND/kg.

Specifically, pepper price today in Gia Lai is at 148,000 VND/kg.

Pepper prices today in the provinces of Dong Nai (148,000 VND/kg); Dak Lak (149,000 VND/kg); Dak Nong (149,000 VND/kg); Ba Ria - Vung Tau (148,000 VND/kg) and Binh Phuoc (148,000 VND/kg).

Thus, continuing the downward trend, domestic pepper prices today continued to decline in key localities, with a decrease of 1,000 - 2,000 VND/kg. The highest pepper price was at 149,000 VND/kg.

According to the Center for Industry and Trade Information - Ministry of Industry and Trade , new supply from Indonesia has entered the market, helping to increase supply. It is estimated that Indonesia's pepper output in 2024 could reach 85,000 tons, up 5% over the previous year. This abundant supply creates significant downward pressure on the market.

Some of the Southeast Asian country’s major pepper-producing regions have completed harvesting. Producers have sold large quantities. Pepper prices in Indonesia are steadily rising and most exporters are limiting their offers.

In the first 7 months of 2024, the European Union (EU) increased pepper imports from all major extra-bloc sources, with growth rates recorded at double digits. According to statistics from the European Statistical Office, in the first 7 months of 2024, the EU imported 37.94 thousand tons of pepper from extra-bloc markets, worth 179.54 million EUR (equivalent to 199.79 million USD), up 31.6% in volume and 45% in value over the same period last year.

According to data from the US International Trade Commission (USITC), US pepper imports in July reached 10,259 tons, up 25.5% compared to the previous month and up 54.1% compared to the same period last year.

In the first 7 months of the year, this figure reached 55,922 tons with a value of 267.2 million USD, an increase of 38.7% in volume and 43.9% in value over the same period.

Of which, Vietnam supplied up to 78% of the total volume of pepper imported into the US in the first 7 months of the year, with a volume of 43,447 tons, worth 204.2 million USD, up 37% in volume and 46.2% in value over the same period last year.

Next is India with 4,441 tons, up 30.7% and accounting for 8% of the market share; Indonesia with 4,251 tons, up 110.3% and accounting for 8% of the market share; Brazil with 1,969 tons, up 49.2% and accounting for 3%...

Vietnam's pepper export price to the US averaged $4,701/ton in the first seven months of the year, up 6.7% over the same period last year. Similarly, India's pepper price also increased slightly by 2%, reaching an average of $5,032/ton. In contrast, Indonesia's pepper price decreased by 19.2%, Brazil's decreased by 8%, reaching $5,000/ton and $4,070/ton, respectively.

At the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 6,927 USD/ton, down 0.52%; the price of Brazilian black pepper ASTA 570 at 6,750 USD/ton, up 2.22%; the price of Kuching black pepper (Malaysia) ASTA at 8,800 USD/ton.

Muntok white pepper price is 9,409 USD/ton, down 0.52%; Malaysian ASTA white pepper price is at 11,200 USD/ton.

Vietnam black pepper price is traded at 6,800 USD/ton for 500 g/l; 550 g/l at 7,100 USD/ton; white pepper price at 10,150 USD/ton. IPC adjusted pepper price down in Indonesia while increasing in Brazil.

Source: https://baoquocte.vn/gia-tieu-hom-nay-2892024-thi-truong-am-dam-78-ho-tieu-nhap-khau-vao-my-toi-tu-viet-nam-287894.html