Supply is still lacking, will pepper prices increase as strongly as at the beginning of the year?

Pepper price today, August 31, 2024, in the Southeast region increased by 1,500 - 3,000 VND compared to yesterday, trading around 143,000 - 145,000 VND/kg, the highest purchase price in Dak Lak and Binh Phuoc provinces is 145,000 VND/kg.

Accordingly, the price of Dak Lak pepper was purchased at 145,000 VND/kg, an increase of 1,500 VND/kg compared to yesterday. The price of Chu Se pepper (Gia Lai) was purchased at 143,000 VND/kg, stable compared to yesterday. The price of Dak Nong pepper today was recorded at 144,500 VND/kg, an increase of 1,500 VND/kg compared to yesterday.

Pepper price today August 31, 2024: Supply is still lacking, will pepper prices increase as strongly as at the beginning of the year?

In the Southeast region, pepper prices today increased sharply by 2,500 - 3,000 VND/kg compared to yesterday. Specifically, in Binh Phuoc, pepper prices today increased to 145,000 VND/kg, an increase of 3,000 VND/kg compared to yesterday. In Ba Ria - Vung Tau, it increased to 144,500 VND/kg, an increase of 2,500 VND/kg compared to yesterday;

Thus, pepper prices today increased sharply in key areas compared to yesterday, fluctuating in the price range of 143,000 - 145,000 VND/kg, especially pepper growing areas in Dak Lak and Binh Phuoc reached a new record high price of 145,000 VND/kg.

World pepper price today

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 7,529 USD/ton, down 0.41%, and the price of Muntok white pepper at 8,865 USD/ton, down 0.41%.

Brazilian ASTA 570 black pepper prices remained stable at USD 6,450/ton. Malaysian ASTA black pepper prices remained stable at USD 8,500/ton; the country’s ASTA white pepper prices reached USD 10,400/ton.

Vietnam black pepper price is traded at 6,100 USD/ton for 500 g/l; 550 g/l at 6,500 USD/ton; white pepper price at 8,800 USD/ton.

Pepper prices fell from a peak of VND180,000/kg in June to VND150,000/kg in July, then dropped another 6-7% in August. By the end of August, pepper prices had recovered slightly and reached VND145,000/kg. However, the current price is still 80% higher than at the beginning of the year and double that of the same period last year.

Vietnam still has about 30% of its inventory, equivalent to 50,000 - 55,000 tons. Traditional markets have imported large quantities of pepper from Vietnam in the first half of the year, so they are not in a hurry to buy more. Although the supply is still lacking, pepper prices are unlikely to increase as sharply as at the beginning of the year. Prices are expected to stabilize at current levels in the coming time. Farmers hope that prices will increase again, but this possibility is low.

Preliminary statistics from the Vietnam Pepper and Spice Association (VPSA) show that Vietnam imported 1,855 tons of pepper in July, of which black pepper reached 1,086 tons and white pepper reached 769 tons, down 4.9% compared to the previous month. From the beginning of the year to the end of July, Vietnam imported a total of 19,857 tons of pepper of all kinds, with a total import turnover of 80.3 million USD, an increase of 14.9% compared to the same period in 2023.

The imported volume was mainly black pepper, reaching 17,443 tons, and white pepper was 2,414 tons. Enterprises importing a lot of pepper in the first 7 months of the year included Olam Vietnam, Tran Chau and KSS Vietnam, reaching 7,317 tons, 2,087 tons and 1,025 tons.

Pepper was mainly imported from Brazil, Cambodia and Indonesia, with volumes reaching 7,322 tons, 6,485 tons and 4,211 tons respectively. Compared to the same period last year, imports from Brazil decreased by 32.3%, while those from Cambodia and Indonesia increased sharply by 121.5% and 103%.

After Chu Se (Gia Lai province), Loc Ninh is the second locality in the country to be granted a collective trademark certificate for pepper and is also the first agricultural product of Binh Phuoc to have intellectual property registration.

This is the direction of the Government's sustainable agricultural development restructuring program, contributing to sustainable economic development in Binh Phuoc.

Loc Ninh has contributed to making Vietnam a "pepper kingdom" with more than 30% of the world's output and 50% of the export market share.

Domestic pepper price on August 31, 2024