Vietnam's pepper export turnover increases impressively, market falls under selling pressure

Pepper prices today, November 2, 2024, in the domestic market plummeted in some key localities, trading from 141,000 - 142,500 VND/kg.

Pepper price today November 2, 2024: Vietnam's pepper export turnover increased impressively, the market decreased due to selling pressure. (Source: Shutterstock)

Pepper prices today, November 2, 2024, in the domestic market plummeted in some key localities, trading from 141,000 - 142,500 VND/kg.

Specifically, pepper price today in Gia Lai is at 141,000 VND/kg.

Pepper prices today in the provinces of Dong Nai (141,000 VND/kg); Dak Lak (142,000 VND/kg); Dak Nong (142,500 VND/kg); Ba Ria - Vung Tau (142,000 VND/kg) and Binh Phuoc (141,000 VND/kg).

Thus, after a day of stability, domestic pepper prices today suddenly plummeted in key growing areas, with a sharp decrease of 2,000 - 2,500 VND/kg. The highest pepper price was at 142,500 VND/kg.

In October 2024, domestic pepper prices lost an average of VND7,000/kg. Meanwhile, according to statistics based on data from the International Pepper Community (IPC), in October 2024, Vietnam's pepper export prices decreased by USD300/ton. Pepper prices in other countries shared a downward trend during the month.

Pepper prices are under pressure as farming companies, dealers and intermediaries are selling aggressively. This activity is largely driven by liquidity needs as sellers seek to raise capital to invest in coffee, which is in its harvest season.

Currently, domestic pepper prices are still nearly 80% higher than at the beginning of the year and double the same period last year.

According to the Ministry of Agriculture and Rural Development, pepper is the agricultural product with the strongest export growth in the first 10 months of 2024, reaching 1.12 billion USD, up 48% over the same period last year. Thus, after only 10 months, this industry has soon surpassed the 1 billion USD mark for the first time in 6 years.

This impressive growth comes from high pepper prices due to a decline in global supply while demand has recovered strongly in major markets, especially the US and the European Union (EU).

Data from the European Statistical Office (Eurostat) shows that in the first 8 months of 2024, the EU imported 44,870 tons of pepper from non-bloc markets, worth nearly 216 million EUR, up 33.3% in volume and 49.5% in value over the same period last year.

Of which, Vietnam is the largest pepper supplier to the EU, with imports reaching over 29,736 tons, worth 138.3 million EUR, up 41.8% in volume and 66.5% in value.

Vietnam's pepper market share in the EU's total imports from extra-bloc markets accounted for 66.3% of the total volume and 63% of the total value in the first 8 months of 2024.

According to data from the US International Trade Commission, in the first 8 months of the year, Vietnam was the largest pepper supplier to the US with a volume of 49,277 tons, an increase of 35.4% over the same period and accounting for nearly 78% of the market's import capacity.

In the world market, at the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 6,691 USD/ton, up 0.16%; the price of Brazilian black pepper ASTA 570 at 6,400 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 8,500 USD/ton.

Muntok white pepper price is 9,160 USD/ton, up 0.17%; Malaysian ASTA white pepper price is at 11,000 USD/ton.

Vietnam black pepper price is traded at 6,500 USD/ton for 500 g/l; 550 g/l at 6,800 USD/ton; white pepper price is at 9,500 USD/ton. IPC continues to increase Indonesian pepper price.

Source: https://baoquocte.vn/gia-tieu-hom-nay-2112024-kim-ngach-xuat-khau-tieu-viet-tang-an-tuong-thi-truong-giam-truoc-ap-luc-ban-ra-292237.html