Pepper prices continue to skyrocket

Domestic pepper price today

Pepper price today December 1, 2024, domestic pepper price continues to increase compared to yesterday November 30, 2024; reaching 147,000 VND/kg.

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

Accordingly, the pepper price today, December 1, 2024, Ba Ria - Vung Tau province is the locality with the lowest price, at 144,000 VND/kg; followed by Gia Lai and Binh Phuoc at 145,000 VND/kg; Dak Nong at 146,500 VND/kg; Dak Lak province alone reached 147,500 VND/kg.

Giá tiêu hôm nay 1/12/2024: Giá tiêu tiếp tục tăng phi mã

Pepper prices today, December 1, 2024, continue to skyrocket. Photo: Le Son

The average pepper price today, December 1, 2024, is at 145,500 VND/kg, a sharp increase of 1,300 VND/kg compared to yesterday, November 30, 2024.

Experts predict that the Chinese market will increase pepper imports next year. Currently, China only consumes about 10,000 tons of pepper this year, much lower than the average of 50,000 - 60,000 tons in previous years.

Currently, Vietnam has more than 115,000 hectares of pepper and spice crops. The South Central Coast and Central Highlands regions account for the majority of the area, with more than 75,300 hectares. The remaining areas are concentrated in the Southern and Northern regions.

Vietnam is currently one of the world's largest pepper exporters, accounting for about 11% of the global market share (as of 2023). In the first 10 months of 2024, Vietnam exported 219,000 tons of pepper and spice products. Items such as pepper, cinnamon, and star anise have been successfully exported to large and potential markets such as the United States, the EU, China, India, and the Middle East.

Update domestic pepper prices on December 1, 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 Indonesian market which increased slightly.

Specifically, IPC listed the price of Indonesian Lampung black pepper at 6,627 USD/ton; up 0.05%; the price of Muntok white pepper at 9,143 USD/ton, up 0.13%.

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

Last year, pepper prices increased sharply from the beginning of the season as traders increased purchases for export to China. This contributed to expectations of a new price increase cycle for pepper, as supplies became increasingly scarce. These signals show that the pepper market is gradually shifting to a phase that is beneficial to pepper growers.

Vietnam’s pepper industry is currently benefiting from high export prices, bringing good income to farmers. However, exporting enterprises are having difficulty purchasing enough domestic pepper to meet demand. This has forced them to increase pepper imports, especially from neighboring countries, to ensure business continuity and meet international orders.