| Pepper price forecast August 17, 2024: Plunging without brakes? Pepper price forecast August 18, 2024: Skyrocketing, will a new peak be established? |
Pepper prices are forecast to continue to increase on August 19, 2024. According to the Vietnam Pepper and Spice Association, in the first 7 months of 2024, Vietnam exported 164,357 tons of pepper of all kinds, of which black pepper reached 145,330 tons and white pepper reached 19,027 tons. Total export turnover reached 764.2 million USD, black pepper reached 652.0 million USD, white pepper reached 112.2 million USD. Compared to the same period in 2023, export volume decreased by 2.2% but export turnover increased by 40.8%.
The average export price of black pepper in the first 7 months reached 4,568 USD/ton, white pepper reached 6,195 USD/ton, up 32.7% for black pepper and 25.0% USD for white pepper respectively compared to the same period last year.
According to the Vietnam Pepper and Spice Association, in July 2024, Vietnam imported 1,855 tons, of which black pepper reached 1,086 tons and white pepper reached 769 tons, with a total import turnover of 10.7 million USD, a decrease of 4.9% compared to June. Indonesia was the largest pepper supplier to Vietnam in July, reaching 1,220 tons, accounting for 65.8% of the market share.
In general, in the first 7 months of 2024, Vietnam imported 19,857 tons of pepper of all kinds, of which black pepper reached 17,443 tons, white pepper reached 2,414 tons, total import turnover reached 80.3 million USD, compared to the same period in 2023, the import volume increased by 14.9%. Brazil, Cambodia and Indonesia are the 3 largest pepper suppliers to Vietnam, reaching 7,322 tons, 6,485 tons and 4,211 tons.
The global pepper market is worth about 5.4 billion USD and is forecast to grow at an average rate of 20% during the period 2024 - 2032. According to VPSA, Vietnam's pepper output accounts for 40% and exports account for 60% of the world market share.
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| Pepper price forecast on August 19, 2024: Will it exceed 140,000 VND/kg? |
In particular, pepper price today, August 18, 2024, in the Southeast region turned to increase, recording the largest increase of 3,000 VND/kg, trading around 138,000 - 140,000 VND/kg, the highest purchase price in Dak Lak province is 140,000 VND/kg.
Specifically, Dak Lak pepper price was purchased at 140,000 VND/kg, an increase of 3,000 VND compared to yesterday. Chu Se pepper price (Gia Lai) was purchased at 138,000 VND/kg, an increase of 1,500 VND compared to yesterday. Dak Nong pepper price today was recorded at 139,000 VND/kg, an increase of 2,500 VND/kg compared to yesterday.
Domestic pepper price on August 18, 2024
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Update on world pepper prices from the International Pepper Community (IPC), at the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 7,412 USD/ton, stable compared to yesterday, the price of Muntok white pepper remained unchanged at 8,728 USD/ton.
The price of Brazilian ASTA 570 black pepper remained stable at USD 6,175/ton. The price of Malaysian ASTA black pepper continued to stand firm at USD 8,500/ton; the price of this country's ASTA white pepper reached USD 10,400/ton.
Vietnam's black pepper price remains at a high level of 5,800 USD/ton for 500 g/l; 550 g/l at 6,200 USD/ton; white pepper price at 8,500 USD/ton...
According to preliminary statistics of the Vietnam Pepper and Spices Association (VPSA), in the first 15 days of August 2024, Vietnam exported 10,082 tons of pepper, with a total export turnover of 58.8 million USD.
In the opposite direction, Vietnam imported 569 tons of pepper, with a total import turnover of 3.1 million USD. Brazil and Indonesia are the two main pepper suppliers to Vietnam, reaching 219 tons and 211 tons respectively.
Pepper import and export situation in the first half of August 2024 showed a decline, in the context of limited supply from Vietnam.
*Information for reference only. Prices may vary depending on time and location.
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