A promising upward trend has emerged.

Today, October 16, 2024, pepper prices in key producing regions have increased compared to yesterday, trading around 143,500 - 144,000 VND/kg. The average increase in key producing areas is 500 VND/kg.

Accordingly, the price of pepper in Dak Lak remains stable at 144,000 VND/kg compared to yesterday. The price of pepper in Chu Se (Gia Lai) is 143,500 VND/kg, an increase of 500 VND/kg, while the price of pepper in Dak Nong today is recorded at 144,000 VND/kg, unchanged from yesterday.

In the Southeast region, pepper prices today (October 16, 2024) mainly showed fluctuations compared to yesterday. Specifically, in Ba Ria - Vung Tau, the price is currently at 144,000 VND/kg, an increase of 500 VND/kg. In Binh Phuoc, the price of pepper today is also at 144,000 VND/kg, an increase of 500 VND/kg.

Giá tiêu hôm nay 16/10/2024: Xuất hiện xu hướng tăng đáng mừng

Pepper prices today, October 16, 2024: A promising upward trend is emerging.

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$6,744/ton and Muntok white pepper at US$9,233/ton.

Brazilian ASTA 570 black pepper is priced at US$6,750/ton. Malaysian ASTA black pepper remains stable at US$8,700/ton; the price of Malaysian ASTA white pepper reached US$11,200/ton.

Vietnamese black pepper prices today fell by as much as $300/ton, trading at $6,500/ton for the 500 g/l variety; $6,800/ton for the 550 g/l variety; white pepper prices are at $9,850/ton.

Domestic pepper prices fluctuated erratically in most key producing regions of Vietnam during the first days of October. According to the Vietnam Pepper and Spice Association (VPSA), the amount of pepper held by farmers is almost depleted, resulting in a rather sluggish domestic market. Currently, supplies are mainly held in dealers and company warehouses.

According to projections, Vietnam's 2025 pepper harvest will be almost entirely in February, with some regions extending into March and April, 1-2 months later than in previous years due to the prolonged drought, which is increasingly limiting Vietnam's pepper supply.

The inventory carried over from the 2023 crop, combined with imports in 2024, is estimated at around 40,000-45,000 tons (including informal imports), indicating that export supplies until the end of the year will be lower than in previous years.

Estimated pepper production in 2024 is only about 170,000 tons, a 10% decrease compared to the previous year. This is also the lowest level in the last 5 years. The reason is that many farmers cut down their pepper plants when prices plummeted 4 years ago (when pepper prices fell to only 40,000 VND/kg) to plant more economically profitable crops such as durian and coffee.

Currently, the domestic pepper market is being affected by both international and domestic factors. However, with pepper exports remaining at a positive level in the first nine months of 2024, experts believe the Vietnamese pepper market still has the opportunity for slight growth and stable prices in the near future.