Domestic pepper price today
Pepper price today, November 20, 2024, domestic purchasing situation is basically stable, only Dak Lak province increased slightly by 500 VND/kg compared to yesterday, November 19, 2024, equal to Dak Nong at 140,000 VND/kg; Gia Lai, Ba Ria - Vung Tau, Binh Phuoc areas maintained at 139,000 VND/kg. The average domestic pepper price today, November 20, 2024, is at 139,400 VND/kg, a slight increase of 100 VND/kg compared to yesterday, November 19, 2024.
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Preliminary statistics from the Vietnam Pepper and Spices Association (VPSA) show that in the first 15 days of November 2024, Vietnam exported 8,082 tons of pepper, with a total export turnover of 55.4 million USD. Nedspice, Tran Chau and Olam Vietnam were the three largest exporters in the first half of November, reaching 988 tons, 895 tons and 865 tons, respectively. Meanwhile, the largest export market for Vietnamese pepper is still the United States, reaching 2,362 tons, accounting for 29.2% of the market share.
Previously, VPSA said that by the end of October 2024, Vietnam had exported 219,387 tons of pepper of all kinds, of which black pepper reached 193,892 tons and white pepper reached 25,495 tons. Total export turnover reached more than 1.112 billion USD, of which black pepper reached 881.6 million USD and white pepper reached 162.6 million USD. Compared to the same period last year, export volume decreased by 1.9% (black pepper decreased by 3.3%, white pepper increased by 10.8%), however, export turnover increased by 48.0%. The average export price of black pepper in 10 months reached 4,971 USD/ton, an increase of 1,528 USD, and white pepper reached 6,626 USD/ton, an increase of 1,671 USD compared to the same period in 2023. Thus, by mid-November 2024, pepper exports earned 1.1674 billion USD.
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 6,470 USD/ton, down 0.09%, and the price of Muntok white pepper at 9,055 USD/ton, down 0.09%.
The price of Brazilian ASTA 570 black pepper is at 6,000 USD/ton. The price of Malaysian ASTA black pepper is at 8,400 USD/ton; the price of this country's ASTA white pepper is at 10,500 USD/ton.
Of which, the price of Vietnamese black pepper is stable at 6,200 USD/ton for 500 g/l, 550 g/l remains at 6,500 USD/ton; the price of white pepper is at 9,400 USD/ton, unchanged.
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| Update pepper price today November 20, 2024 |
According to experts, Vietnam is about to enter the harvest season with an estimated output of around 170,000 tons, accounting for about 35-40% of the global supply. Therefore, the world pepper price may still fluctuate.
Based on current developments, some opinions say that pepper prices in the domestic market are forecast to remain stable or decrease slightly in some areas. In the international market, pepper prices are likely to continue to decrease slightly due to pressure from the stronger USD and weak demand in major markets.
Meanwhile, Mr. Hoang Phuoc Binh, Vice President of the Chu Se Pepper Association (Gia Lai) commented; the forecast for pepper prices in the 2025 crop will be higher than in the 2024 crop. The primary reason is that the prolonged heat in early 2024 is greatly affecting pepper productivity, leading to a continued decrease in output in 2025. Meanwhile, most pepper growers in Vietnam currently have other sources of income from coffee, durian, etc., so they are not in a hurry to sell after harvest but will wait until they see a better price.
Pepper processing and exporting enterprises said that the amount of pepper in stock in Vietnam is currently very low, while the 2025 harvest is expected to be 1-2 months later than usual and output will decrease due to drought. This will create a certain shortage in supply, thereby positively affecting world pepper prices.
On the other hand, in the first half of November 2024, Vietnam imported 2,484 tons of pepper, worth 14.3 million USD, an increase of 8.2% compared to the first half of October. Olam Vietnam and Harris Spice were the two main importers, accounting for 894 tons, accounting for 36.0% and 530 tons, accounting for 21.3%. Meanwhile, Indonesia continued to be the largest pepper supplier to Vietnam, accounting for 82.3%, reaching 2,045 tons. In the first 10 months of the year, Vietnam imported 28,596 tons of pepper of all kinds, of which black pepper reached 25,456 tons and white pepper reached 3,140 tons, with a total import turnover of 131.3 million USD. Compared to the same period last year, the import volume increased by 27.1% and the turnover increased by 78.5%. Indonesia became the largest pepper supplier to Vietnam, accounting for 36.0%, reaching 10,287 tons, up 257.2% over the same period last year. Next was Brazil, with 9,013 tons, accounting for 31.5%, down 35.5%, and Cambodia, with 23.4%, reaching 6,695 tons, up 96.7%. Thus, by mid-November 2024, Vietnam spent 145.6 million USD to import pepper. |
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