Binh Phuoc reduced 2,000 VND/kg to 142,000 VND/kg

Pepper price today, August 24, 2024, in the Southeast region is stable compared to yesterday, trading around 142,000 - 145,000 VND/kg, the highest purchase price in Dak Lak and Dak Nong provinces is 145,000 VND/kg.

Accordingly, the price of Dak Lak pepper was purchased at 145,000 VND/kg, remaining unchanged compared to yesterday. The price of Chu Se pepper (Gia Lai) was purchased at 144,000 VND/kg, stable compared to yesterday. The price of Dak Nong pepper today was recorded at 145,000 VND/kg, remaining stable compared to yesterday.

Pepper price today August 24, 2024: Binh Phuoc decreased by 2,000 VND/kg to 142,000 VND/kg

In the Southeast region, pepper prices today decreased slightly by 2,000 VND/kg compared to yesterday. Specifically, in Binh Phuoc, pepper prices today decreased to 142,000 VND/kg, down 2,000 VND/kg compared to yesterday. In Ba Ria - Vung Tau, it is currently at 144,000 VND/kg, stable compared to yesterday;

Thus, pepper price today is stable compared to yesterday, only in Binh Phuoc it decreased by 2,000 VND/kg, bringing the price down to 144,000 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 7,490 USD/ton, up 0.16% compared to yesterday, the price of Muntok white pepper down to 8,818 USD/ton, up 0.16%.

The price of Brazilian ASTA 570 black pepper remained stable at USD 6,300/ton. The price of Malaysian ASTA black pepper continued to stand firm at USD 8,500/ton; the price of this country's ASTA white pepper reached USD 10,400/ton.

Vietnam black pepper price is traded at 5,800 USD/ton for 500 g/l; 550 g/l at 6,200 USD/ton; white pepper price at 8,500 USD/ton.

Speaking to reporters of the Industry and Trade Newspaper, Mr. Duong Duc Quang - Deputy General Director of the Vietnam Commodity Exchange (MXV) said that since the beginning of 2024, the price of pepper in our country has been continuously high. In the first days of June, the domestic pepper price approached 190,000 VND/kg, the highest level in the past 11 years. At present, pepper prices have cooled down but are still high compared to history. As of August 15, the domestic pepper price was recorded at around 140,000 VND/kg, 1.75 times higher than the price at the beginning of 2024 and 2 times higher than the pepper price in the same period last year.

Explaining the reason for the high pepper price, Mr. Duong Duc Quang said that the high pepper price since the beginning of the year is mainly due to the problem of supply shortage. Pepper growing area in our country has decreased sharply in recent years, causing output to tend to decrease, not enough to meet market demand. In 2024, domestic pepper output is estimated at about 170,000 tons, down 20,000 tons compared to 2023 and is the lowest level in the past 5 years. In the global market, there is also a shortage of pepper, the world is expected to have a shortage of 64,000 tons of pepper this year.

According to some farmers in the Espirito Santos region (Brazil), pepper output in 2024 may be 25-30% lower due to the hot weather causing the first batch of flowers to fall off and the fruit set rate is quite low, so it is expected to only reach about 70% compared to last year. Overall, in 2024, Brazil's pepper output may decrease by 20-25% compared to 2023.

With this trend, experts believe that signs of supply shortage compared to demand will continue to be recorded in the market in the coming time. In addition, rapidly increasing freight costs and port congestion in Asia also affect prices in import markets, and may cause shipping delays, causing pepper prices to increase in the medium and long term.

Currently, Vietnamese pepper accounts for 60% of the world's pepper export output. Specifically, our country has been the world leader in pepper production and export for over 20 years, accounting for 40% of the harvest output and 60% of the global export market share. Vietnamese pepper and spices are currently exported to more than 120 countries and territories, dominating many important markets.

“In my opinion, if pepper prices continue to maintain above VND100,000/kg, the target of achieving export turnover exceeding USD1 billion in 2024 is feasible. Domestic and international shortages cannot be compensated in a short time, creating conditions for prices to stay high, thereby earning large export turnover despite the decrease in export volume,” Mr. Duong Duc Quang shared.

Domestic pepper price on August 24, 2024