Pepper prices continue to rise rapidly

Update pepper price today November 30, 2024, Dak Lak pepper price, Dak Nong pepper price, Binh Phuoc pepper price, Gia Lai pepper price, how is pepper price on November 30, 2024?

Domestic pepper price today

Pepper price today November 30, 2024, domestic pepper price continues to increase compared to yesterday November 29, 2024; some provinces increased by 2,000 VND/kg.

Specifically, Gia Lai, Ba Ria - Vung Tau and Dak Lak provinces all increased by 1,500 VND/kg; Binh Phuoc and Dak Nong provinces both increased by 2,000 VND/kg compared to yesterday.

Pepper prices today, November 30, 2024, increased rapidly. Photo: Le Son

Accordingly, the pepper price today, November 30, 2024, Ba Ria - Vung Tau province is the locality with the lowest price, at 143,000 VND/kg; followed by Gia Lai and Binh Phuoc at 144,000 VND/kg; Dak Lak at 145,000 VND/kg; Dak Nong province alone has the highest price at 145,005 VND/kg.

The average pepper price today, November 30, 2024, is at 144,200 VND/kg, a sharp increase of 1,700 VND/kg compared to yesterday, November 29, 2024.

Dak Nong is currently the leading locality in the Central Highlands and the whole country in terms of pepper growing area, but its output is only second, after Dak Lak. Pepper is the main crop here, however, most of the product is still sold in raw form through traders and small retailers, making the value not optimal.

According to Ms. Hoang Thi Lien, Chairwoman of VPSA, growth in the US and EU has offset the decline from China. In the last two months of 2024, Vietnam is expected to export 50,000 tons of pepper, reaching 300 million USD, bringing the total turnover in 2024 to 1.4 billion USD.

Towards 2025, the pepper and spice industry will focus on supporting farmers and businesses to meet international standards on food quality and safety. This is part of a long-term strategy to increase product value, expand markets and raise the position of Vietnamese pepper in the world.

Pepper price update today 11/30/2024

World pepper price today

Update on world pepper prices from the International Pepper Community (IPC), at the end of the most recent trading session, the market was basically stable compared to the previous update, except for the Brazilian and Indonesian markets which increased slightly.

Specifically, IPC listed the price of Indonesian Lampung black pepper at 6,624 USD/ton; up 0.42%; the price of Muntok white pepper at 9,131 USD/ton, up 0.33%.

The price of Brazilian ASTA 570 black pepper was at USD 6,150/ton, up 1.63%. The price of Malaysian ASTA black pepper was at USD 8,400/ton; the price of this country's ASTA white pepper reached USD 10,500/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.

In a recent report, Ptexim cited data from the Vietnam Pepper and Spice Association, stating that in the first 15 days of November 2024, Vietnam exported 8,082 tons of pepper, with a total turnover of 55.4 million USD. Of which, the largest export market for Vietnamese pepper is still the US, reaching 2,362 tons, accounting for 29.2% of the market share.

Giá tiêu hôm nay 30/11/2024: Giá tiêu tiếp tục tăng chóng mặt

World pepper prices today, November 30, 2024, are basically stable, with a slight increase but not significant. Photo: Hoang Thien

According to Ptexim's forecast, in November, Vietnam will export about 16,000 to 18,000 tons, bringing the total export volume in the 11 months of 2024 to 235,000 to 237,000 tons. This is an extremely impressive export volume, especially in the context that most experts predict that the 2024 crop output and inventory will decrease significantly compared to the past 5 years.

The 2025 crop is forecast to continue to see a 10% to 15% decline in output, and the late harvest in February/March will also put pressure on market supply in the first quarter of 2025, as Vietnam enters a long Tet holiday in late January.

Earlier, Ptexim said demand from major markets remained weak and the ongoing coffee harvest season attracted investors' attention and capital, which could cause cash flow to withdraw from pepper.

However, pepper inventories have been sharply reduced, with current stocks being held mainly by a small number of dealers and import-export companies. Therefore, the upcoming market trend could witness significant volatility, especially as inventories are low and there are signs that the upcoming crop will be smaller.