Vietnam's pepper exports are down 30% compared to last month.

Pepper price today, September 24, 2024, in key areas increased by 1,500 - 2,500 VND/kg compared to yesterday and traded around 151,500 - 153,500 VND/kg, the highest purchase price in Dak Lak province was 153,500 VND/kg.

Pepper price today September 24, 2024: Vietnam's pepper exports are falling sharply by 30% compared to last month

Accordingly, Dak Lak pepper price is purchased at 153,500 VND/kg, an increase of 2,500 VND/kg compared to yesterday. Chu Se pepper price (Gia Lai) is purchased at 152,000 VND/kg, an increase of 2,000 VND/kg compared to yesterday. Dak Nong pepper price today is at 153,000 VND/kg, an increase of 2,000 VND/kg compared to yesterday.

In the Southeast region, pepper prices today increased by 1,500 VND/kg compared to yesterday. Specifically, in Binh Phuoc , pepper prices today are at 151,500 VND/kg, an increase of 1,500 VND/kg compared to yesterday. In Ba Ria - Vung Tau, it is at 151,500 VND/kg, an increase of 1,500 VND/kg compared to yesterday.

Thus, domestic pepper prices today increased sharply from 1,500 - 2,500 VND/kg in key localities. The highest pepper price was recorded at 153,500 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 6,917 USD/ton, down 11.57%, and the price of Muntok white pepper at 9,397 USD/ton, up 0.98%.

The price of Brazilian ASTA 570 black pepper is at 6,900 USD/ton. The price of Malaysian ASTA black pepper is at 8,800 USD/ton; the price of this country's ASTA white pepper 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...

Vietnam is a major player in the global black pepper market and is one of the largest black pepper exporters in the world.

In the first half of September 2024, Vietnam recorded the export of 6,917 tons of pepper, earning 42.3 million USD. Meanwhile, in the first 15 days of August 2024, Vietnam exported 10,082 tons of pepper, with a total export turnover of 58.8 million USD. Compared to the previous month, pepper exports are decreasing sharply, equivalent to 30%.

Looking at the long term in the next 3-5 years, the amount of pepper produced cannot meet the world's consumption demand. As for pepper prices this week, experts say it is unlikely to have a breakthrough, but there are positive signs when the market is on the rise over the last 2 days of last week.

According to the Vietnam Pepper and Spice Association (VPSA), Vietnam's pepper output in 2024 is estimated to reach only about 170,000 tons, down 10% compared to the previous year. This is also the lowest level in the past 5 years.

The Fed's interest rate cut last week is considered to have had a negligible impact on domestic pepper prices, while the decline in the USD helped pepper prices in other countries increase well.

Statistics show that pepper exports from major producing countries in the world fluctuated in opposite directions, with declines in the two leading exporters, Vietnam and Brazil, while Indonesia and India recorded high double-digit growth.

According to data from the Brazilian State Center for Foreign Trade Statistics (Comex Stat), in August, Brazil's pepper exports reached 3,685 tons, worth 19.2 million USD, down sharply by 23.8% in volume and 17.8% in value compared to the previous month, and down 28.6% in volume but up 13.5% in value compared to the same period last year.

In the first 8 months of the year, Brazil's pepper exports reached 45,699 tons with a value of 183.4 million USD. Although the volume decreased by 10.4%, the value increased by 19.3% compared to the same period in 2023 thanks to high prices. Pepper production in Brazil this year was severely damaged by drought caused by El Nino.

According to the Vietnam Pepper and Spice Association (VPSA), according to some farmers in the Espirito Santos region, the harvest in 2024 may be 25-30% lower due to the hot weather causing the first batch of flowers to fall off almost completely and the fruit set ratio of the second and third batches of flowers is quite low, so it is expected to only reach about 70% compared to last year. Overall, the country in 2024 may decrease by 20-25% compared to 2023.

Not only Brazil and Vietnam's output, but also smaller producing countries such as Indonesia, India, Malaysia, and Sri Lanka are also experiencing limited supply due to the impact of El Nino weather factors causing drought.

Therefore, some experts believe that signs of supply shortage compared to demand will continue to be recorded and reflected in the market in the coming time until the crop season.

Domestic pepper price on September 24, 2024