Vietnam is the largest pepper supplier to the EU.

Pepper price today, September 27, 2024, in key areas decreased by 1,000 VND/kg compared to yesterday and traded around 148,000 - 149,000 VND/kg, the highest purchase price in Dak Lak and Dak Nong provinces was 149,000 VND/kg.

Accordingly, Dak Lak pepper price is purchased at 149,000 VND/kg, down 1,000 VND/kg compared to yesterday. Chu Se pepper price (Gia Lai) is purchased at 148,000 VND/kg, down 1,000 VND/kg compared to yesterday. Dak Nong pepper price today is at 149,000 VND/kg, down 1,000 VND/kg compared to yesterday.

Giá tiêu hôm nay 27/9/2024: Việt Nam là nguồn cung hồ tiêu lớn nhất cho EU

Pepper price today September 27, 2024: Vietnam is the largest pepper supplier to the EU

In the Southeast region, pepper prices today decreased by 1,000 VND/kg compared to yesterday. Specifically, in Binh Phuoc , pepper prices today are at 148,000 VND/kg, down 1,000 VND/kg compared to yesterday. In Ba Ria - Vung Tau, it is at 148,000 VND/kg, down 1,000 VND/kg compared to yesterday.

Thus, domestic pepper prices today decreased by 1,000 VND/kg in key localities. The highest pepper price was recorded at 149,000 VND/kg.

World pepper price today

Update on world pepper prices from the International Pepper Association (IPC), at the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 6,927 USD/ton, down 0.52%, and the price of Muntok white pepper at 9,409 USD/ton, down 0.52%.

The price of Brazilian ASTA 570 black pepper remained at $6,750/ton. The price of Malaysian ASTA black pepper was at $8,800/ton; the price of this country's ASTA white pepper reached $11,200/ton.

The price of Vietnamese black pepper remains stable 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...

According to experts, 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% compared to the previous year. This abundant supply creates significant downward pressure on the market.

Some of Indonesia's major pepper producing areas have completed harvesting. Producers have sold a large amount of their products. Pepper prices in Indonesia are steadily increasing and most exporters are limiting their offers.

In India, harvesting has been completed in all southern growing regions, leading to high inventories. This has also kept pepper prices on a downward trend.

The world economy is facing many uncertainties, from persistent inflation, rising interest rates to geopolitical conflicts. These factors have raised concerns about a global economic recession. In this context, pepper importers have become more cautious, limiting purchases to minimize risks. This has led to a decrease in consumption demand, causing pepper prices to fall.

In Vietnam, despite facing many difficulties due to weather and pests, Vietnam's pepper output in the next crop is still forecast to be equivalent or slightly higher than in 2024, estimated at about 170,000 tons. This means that the pepper supply in the market will continue to be abundant, causing further downward pressure on prices.

The Import-Export Department cited data from the European Statistical Office, saying that in the first 7 months of the year, the EU imported 37.94 thousand tons of pepper from non-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.

Notably, in the first 7 months of the year, Vietnam was the largest pepper supplier to the EU with a volume of 24.88 thousand tons, worth 112.5 million EUR (equivalent to 125.2 million USD), up 38.9% in volume and 58.1% in value over the same period last year.

Vietnam's pepper market share in the EU's total imports from extra-bloc markets increased from 62.16% in the first 7 months of 2023 to 65.58% in the first 7 months of 2024.

In addition, EU pepper imports from other major markets also grew at double-digit rates. For example, Brazil increased by 19.4%, reaching over 6 thousand tons.

According to the Import-Export Department, in general, Vietnam's pepper industry still has an advantage in the EU market thanks to its quality supply and competitive prices. However, to increase the value of pepper in the coming time, Vietnam needs to focus on producing organic spices for export, meeting global tastes in general and the EU market in particular.

Domestic pepper price on September 27, 2024