| Pepper price forecast September 11, 2024: Pepper price skyrockets towards new peak Pepper price forecast September 12, 2024: Unfavorable weather conditions cause purchasing power to decrease |
Pepper prices are forecast to remain high on September 13, 2024. In the context of rising pepper prices and favorable consumption markets, Vietnam's pepper export turnover is likely to exceed 1 billion USD this year. This marks the return of the commodity known as black gold after 6 years of absence from the group of billion-dollar commodities.
However, the amount of pepper exported from now until the end of the year may be lower than every year because the export volume in the past 8 months has exceeded the output of 170,000 tons of the 2024 crop.
According to the Vietnam Pepper and Spice Association (VPSA), the inventory from the 2023 crop carried over plus the import volume in 2024 of about 40,000 - 45,000 tons (including informal imports) shows that the export source from August until the end of the year will be lower than every year and until March 2025 when the 2025 crop is expected to be harvested.
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| Pepper price forecast September 13, 2024: Vietnam's pepper export price skyrockets, what is the market waiting for? |
In the domestic market, pepper prices today, September 12, 2024, in key areas, increased from 500 - 1,000 VND/kg, trading around 152,000 - 156,000 VND/kg, the highest purchase price in Dak Nong and Dak Lak provinces is 156,000 VND/kg.
Accordingly, Dak Lak pepper price is purchased at 156,000 VND/kg, an increase of 500 VND/kg compared to yesterday. Chu Se pepper price (Gia Lai) is purchased at 153,000 VND/kg, stable compared to yesterday. Dak Nong pepper price today is at 156,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday.
In Binh Phuoc, pepper price today remains at 152,000 VND/kg. In Ba Ria - Vung Tau, it is at 155,000 VND/kg, stable compared to yesterday.
At world pepper prices, updated 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 7,557 USD/ton, up 0.2%, and the price of Muntok white pepper at 9,115 USD/ton, up 0.21%.
The price of Brazilian ASTA 570 black pepper remained at $7,400/ton. The price of Malaysian ASTA black pepper was at $8,800/ton; the price of this country's ASTA white pepper reached $10,900/ton.
Vietnam's black pepper price was traded at 7,100 USD/ton for 500 g/l, up 7.04%; 550 g/l at 7,225 USD/ton, up 3.11%; white pepper price at 10,150 USD/ton, up 8.37%.
Through a quick survey of pepper gardens in key areas such as Dak Nong, Dak Lak, Binh Phuoc, Ba Ria - Vung Tau and Dong Nai, there are quite a few pepper chains but many are sparse. Besides, the pepper is still very young compared to the same period last year.
The demand for pepper in the world market is still very vibrant, especially from traditional markets. However, demand from China tends to fluctuate with prices. When pepper prices increase, demand from this market may decrease.
With positive signals from the market and the efforts of businesses, the Vietnamese pepper industry is making steady progress. However, to maintain this growth momentum, businesses need to proactively adapt to market fluctuations, improve product quality and expand the consumer market.
In addition, businesses and pepper growers also need to pay attention to weather fluctuations such as droughts, storms, etc., which can greatly affect pepper output and quality. Trade and tariff policies of importing countries can affect pepper prices and consumption.
*Information for reference only. Prices may vary depending on time and location.
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