Forecast of domestic pepper prices tomorrow
According to the forecast, tomorrow's pepper price, December 8, 2024, domestic pepper prices will continue to increase sharply compared to today, December 7, 2024. Tomorrow's pepper price is forecast to increase by an average of nearly 2,000 VND/kg, averaging at about 146,500 VND/kg; many localities will simultaneously increase sharply by 2,000 VND/kg.
Pepper price today December 7, 2024, domestic pepper price increased compared to yesterday December 6, 2024; average at 144,600 VND/kg, many localities increased.
Accordingly, pepper prices today, December 7, 2024, Ba Ria - Vung Tau pepper prices, Dak Lak pepper prices, Binh Phuoc pepper prices all increased by 1,000 VND/kg; Dak Nong pepper prices increased by 1,200 VND/kg, and Gia Lai pepper prices increased the highest by 2,000 VND/kg.
Specifically, the price of pepper in Binh Phuoc and Ba Ria - Vung Tau are both at 144,000 VND/kg; the price of pepper in Dak Lak and Gia Lai are both at 145,000 VND/kg; the price of pepper in Dak Nong is at 145,200 VND/kg. The average price of pepper today, December 7, 2024, is at 144,600 VND/kg, an increase of 1,200 VND/kg compared to yesterday, December 6, 2024.
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| Pepper price forecast for tomorrow, December 8, 2024, will continue to increase strongly. Photo: Phan Tuan |
According to estimates from the Import-Export Department (Ministry of Industry and Trade), the export value of pepper in the first 11 months of 2024 reached 234.7 thousand tons and reached a turnover of 1.22 billion USD, down 4.4% in volume but up 46.5% in value over the same period in 2023. The average export price of pepper is estimated at 5,198 USD/ton, up 53.3% over the same period in 2023. This result helps pepper become the agricultural product with the strongest increase in export turnover in the first 11 months of the year.
In November 2024 alone, the average export price of pepper reached 6,856 USD/ton, continuing to increase by 4.7% compared to the previous month and increasing by 78.7% compared to the same period in 2023. This is also the highest price achieved in many years.
Pepper prices have doubled compared to the previous period, creating a great incentive for farmers to invest heavily in pepper. However, this crop also faces many challenges, including climate change, increasingly complex pests and diseases, competition with other crops, and high production costs.
In addition, exporters are facing increasing logistics costs, especially transportation and storage costs. This not only increases financial pressure but also increases product prices, reducing competitiveness in the global market.
With the goal of exporting an additional 50,000 tons of pepper in the last two months of 2024, the Vietnamese pepper industry is expected to reach a turnover of 300 million USD, making an important contribution to the total export revenue of the year. However, the 2025 harvest is forecast to face great difficulties due to climate change, which could extend the harvest period by 1.5 - 2 months, increasing supply pressure in the context of high demand.
Experts recommend that farmers should not rush to sell or borrow money to store pepper, to avoid risks from price fluctuations. Instead, they need to balance their finances and closely monitor market developments to choose the right time to sell, optimizing profits.
Towards 2025, the pepper and spice industry will focus on supporting farmers, cooperatives 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 enhance the position of Vietnamese pepper in the world market.
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| Update pepper price today December 7, 2024 |
Forecast of world pepper price tomorrow
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 Indonesian and Malaysian markets, which fluctuated slightly and insignificantly.
Specifically, IPC listed the price of Indonesian Lampung black pepper at 67,034 USD/ton; up 0.28%; the price of Muntok white pepper at 9,148 USD/ton, up 0.27%.
The price of Brazilian ASTA 570 black pepper was stable at 6,275 USD/ton, up slightly by 0.8%; the price of Malaysian ASTA black pepper was at 8,200 USD/ton; the price of this country's ASTA white pepper reached 10,400 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 9,300 USD/ton, unchanged.
According to forecast, the world pepper price tomorrow, December 8, 2024, will remain stable, if there is any increase/decrease, it will not be significant, it may decrease slightly in the Indonesian and Malaysian markets.
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| Farmers need to be careful in choosing to sell early or borrow from banks to store pepper. Photo: Le Son |
In the first 11 months of 2024, Vietnam exported 235 thousand tons of pepper, bringing in more than 1.22 billion USD. It is expected that in December, pepper exports will reach over 20,000 tons, bringing the total pepper export turnover for the year to nearly 1.4 billion USD. This is a record high ever, thanks to the growth in pepper value in recent years, currently pepper prices are double that of previous years.
Towards 2025, the pepper and spice industry will continue to support farmers, cooperatives and businesses to improve product quality and meet international food safety standards. This is part of a long-term strategy to increase product value, expand markets and enhance the position of Vietnamese pepper in the international arena.
The Ministry of Industry and Trade forecasts that the world's geopolitical situation will continue to be complex and unpredictable, which will more or less impact exports. Developed countries are paying more attention to sustainable development and consumer safety, creating new standards and regulations related to supply chains, raw materials, labor, and the environment, which are more stringent for imported products.
The election of Donald Trump as US President is expected to have far-reaching impacts due to his tough, protectionist stances that could increase tariff and non-tariff barriers on some Vietnamese agricultural products.
To overcome the above obstacles, it is necessary to focus on effectively exploiting the Free Trade Agreements (FTAs) that have come into effect and been signed, and implementing new agreements to expand and diversify markets, import and export products, and supply chains. Strengthening the exploitation of potential markets, shifting strongly to official exports.
*The above pepper price forecast is for reference only, the actual price will be officially available early tomorrow morning (December 8, 2024) on Congthuong.vn.
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